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BUSINESS SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the years ended December 31, 2023, 2022, and 2021. Table 14.1
Core Earnings by Business Segment
For the Year Ended December 31, 2023
| Agricultural Finance |  | Rural Infrastructure |  | Treasury |  | Corporate |  |  |  |
| Farm & Ranch |  | Corporate AgFinance |  | Rural Utilities |  | Renewable Energy |  | Funding |  | Investments |  |  | Reconciling Adjustments |  | Consolidated Net Income
| (in thousands)
Net interest income | $ | 137,079 |  |  | $ | 31,224 |  |  | $ | 25,187 |  |  | $ | 4,648 |  |  | $ | 128,415 |  |  | $ | 994 |  |  | $ | — |  |  | $ | — |  |  | $ | 327,547 |
Less: reconciling adjustments(1)(2)(3) | (4,179) |  |  | — |  |  | (168) |  |  | — |  |  | 3,594 |  |  | 186 |  |  | — |  |  | 567 |  |  | — |
Net effective spread | 132,900 |  |  | 31,224 |  |  | 25,019 |  |  | 4,648 |  |  | 132,009 |  |  | 1,180 |  |  | — |  |  | 567 |  |  | — |
Guarantee and commitment fees | 17,415 |  |  | 283 |  |  | 1,133 |  |  | 97 |  |  | — |  |  | — |  |  | — |  |  | (2,216) |  |  | 16,712 |
Other income/(expense)(3) | 2,952 |  |  | 35 |  |  | — |  |  | — |  |  | 3 |  |  | 29 |  |  | 280 |  |  | 3,778 |  |  | 7,077 |
Total revenues | 153,267 |  |  | 31,542 |  |  | 26,152 |  |  | 4,745 |  |  | 132,012 |  |  | 1,209 |  |  | 280 |  |  | 2,129 |  |  | 351,336 |
Release of/(provision for) losses | 145 |  |  | (207) |  |  | (581) |  |  | (219) |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | (858) |
(Provision for)/release of reserve for losses | (652) |  |  | — |  |  | 374 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (278) |
Operating expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (97,099) |  |  | — |  |  | (97,099) |
Total non-interest expense | (652) |  |  | — |  |  | 374 |  |  | — |  |  | — |  |  | — |  |  | (97,099) |  |  | — |  |  | (97,377) |
Core earnings before income taxes | 152,760 |  |  | 31,335 |  |  | 25,945 |  |  | 4,526 |  |  | 132,012 |  |  | 1,213 |  |  | (96,819) |  |  | 2,129 |  | (4) | 253,101 |
Income tax (expense)/benefit | (32,079) |  |  | (6,581) |  |  | (5,449) |  |  | (951) |  |  | (27,721) |  |  | (255) |  |  | 20,385 |  |  | (447) |  |  | (53,098) |
Core earnings before preferred stock dividends | 120,681 |  |  | 24,754 |  |  | 20,496 |  |  | 3,575 |  |  | 104,291 |  |  | 958 |  |  | (76,434) |  |  | 1,682 |  | (4) | 200,003 |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27,165) |  |  | — |  |  | (27,165) |
Segment core earnings/(losses) | $ | 120,681 |  |  | $ | 24,754 |  |  | $ | 20,496 |  |  | $ | 3,575 |  |  | $ | 104,291 |  |  | $ | 958 |  |  | $ | (103,599) |  |  | $ | 1,682 |  | (4) | $ | 172,838 |
Total Assets | $ | 15,052,606 |  |  | $ | 1,566,906 |  |  | $ | 7,002,620 |  |  | $ | 443,772 |  |  | $ | — |  |  | $ | 5,342,089 |  |  | $ | 116,389 |  |  | $ | — |  |  | $ | 29,524,382 |
Total on- and off-balance sheet program assets at principal balance | $ | 18,808,801 |  |  | $ | 1,693,979 |  |  | $ | 7,480,723 |  |  | $ | 487,521 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 28,471,024 |
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3)Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.
Core Earnings by Business Segment
For the Year Ended December 31, 2022
| Agricultural Finance |  | Rural Infrastructure |  | Treasury |  | Corporate |  |  |  |
| Farm & Ranch |  | Corporate AgFinance |  | Rural Utilities |  | Renewable Energy |  | Funding |  | Investments |  |  | Reconciling Adjustments |  | Consolidated Net Income
| (in thousands)
Net interest income | $ | 133,218 |  |  | $ | 29,209 |  |  | $ | 16,175 |  |  | $ | 2,483 |  |  | $ | 96,613 |  |  | $ | (6,758) |  |  | $ | — |  |  | $ | — |  |  | $ | 270,940 |
Less: reconciling adjustments(1)(2)(3) | (4,161) |  |  | — |  |  | (103) |  |  | — |  |  | (11,147) |  |  | — |  |  | — |  |  | 15,411 |  |  | — |
Net effective spread | 129,057 |  |  | 29,209 |  |  | 16,072 |  |  | 2,483 |  |  | 85,466 |  |  | (6,758) |  |  | — |  |  | 15,411 |  |  | — |
Guarantee and commitment fees | 16,718 |  |  | 139 |  |  | 1,238 |  |  | 49 |  |  | — |  |  | — |  |  | — |  |  | (5,104) |  |  | 13,040 |
Other income/(expense)(3) | 1,420 |  |  | 261 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 23,447 |  |  | 25,131 |
Total revenues | 147,195 |  |  | 29,609 |  |  | 17,310 |  |  | 2,532 |  |  | 85,466 |  |  | (6,758) |  |  | 3 |  |  | 33,754 |  |  | 309,111 |
(Provision for)/release of losses | (1,463) |  |  | (2,136) |  |  | 2,751 |  |  | (494) |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | (1,323) |
Release of reserve for losses | 247 |  |  | — |  |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 517 |
Operating expenses | (819) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (81,807) |  |  | — |  |  | (82,626) |
Total non-interest expense | (572) |  |  | — |  |  | 270 |  |  | — |  |  | — |  |  | — |  |  | (81,807) |  |  | — |  |  | (82,109) |
Core earnings before income taxes | 145,160 |  |  | 27,473 |  |  | 20,331 |  |  | 2,038 |  |  | 85,466 |  |  | (6,739) |  |  | (81,804) |  |  | 33,754 |  | (4) | 225,679 |
Income tax (expense)/benefit | (30,482) |  |  | (5,768) |  |  | (4,268) |  |  | (428) |  |  | (17,949) |  |  | 1,416 |  |  | 17,033 |  |  | (7,089) |  |  | (47,535) |
Core earnings before preferred stock dividends | 114,678 |  |  | 21,705 |  |  | 16,063 |  |  | 1,610 |  |  | 67,517 |  |  | (5,323) |  |  | (64,771) |  |  | 26,665 |  | (4) | 178,144 |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27,165) |  |  | — |  |  | (27,165) |
Segment core earnings/(losses) | $ | 114,678 |  |  | $ | 21,705 |  |  | $ | 16,063 |  |  | $ | 1,610 |  |  | $ | 67,517 |  |  | $ | (5,323) |  |  | $ | (91,936) |  |  | $ | 26,665 |  | (4) | $ | 150,979 |
Total Assets | $ | 14,623,596 |  |  | $ | 1,541,151 |  |  | $ | 5,867,517 |  |  | $ | 219,609 |  |  | $ | — |  |  | $ | 4,806,010 |  |  | $ | 275,227 |  |  | $ | — |  |  | $ | 27,333,110 |
Total on- and off-balance sheet program assets at principal balance | $ | 17,728,792 |  |  | $ | 1,603,507 |  |  | $ | 6,359,613 |  |  | $ | 230,170 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,922,082 |
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3)Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.
Core Earnings by Business Segment
For the Year Ended December 31, 2021
| Agricultural Finance |  | Rural Infrastructure |  | Treasury |  | Corporate |  |  |  |
| Farm & Ranch |  | Corporate AgFinance |  | Rural Utilities |  | Renewable Energy |  | Funding |  | Investments |  |  | Reconciling Adjustments |  | Consolidated Net Income
| (in thousands)
Net interest income | $ | 118,289 |  |  | $ | 27,081 |  |  | $ | 8,224 |  |  | $ | 1,219 |  |  | $ | 66,581 |  |  | $ | 557 |  |  | $ | — |  |  | $ | — |  |  | $ | 221,951 |
Less: reconciling adjustments(1)(2)(3) | (4,753) |  |  | — |  |  | (157) |  |  | — |  |  | 3,627 |  |  | — |  |  | — |  |  | 1,283 |  |  | — |
Net effective spread | 113,536 |  |  | 27,081 |  |  | 8,067 |  |  | 1,219 |  |  | 70,208 |  |  | 557 |  |  | — |  |  | 1,283 |  |  | — |
Guarantee and commitment fees | 16,178 |  |  | 48 |  |  | 1,287 |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | (4,864) |  |  | 12,669 |
Gain on sale of mortgage loans | 6,539 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,539 |
Other income/(expense)(3) | 1,966 |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | (291) |  |  | 851 |  |  | 2,531 |
Total revenues | 138,219 |  |  | 27,129 |  |  | 9,359 |  |  | 1,239 |  |  | 70,208 |  |  | 557 |  |  | (291) |  |  | (2,730) |  |  | 243,690 |
Release of/(provision for) losses | 1,574 |  |  | (210) |  |  | (291) |  |  | (198) |  |  | — |  |  | (15) |  |  | — |  |  | — |  |  | 860 |
Release of reserve for losses | 1,034 |  |  | — |  |  | 293 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,327 |
Operating expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (73,416) |  |  | — |  |  | (73,416) |
Total non-interest expense | 1,034 |  |  | — |  |  | 293 |  |  | — |  |  | — |  |  | — |  |  | (73,416) |  |  | — |  |  | (72,089) |
Core earnings before income taxes | 140,827 |  |  | 26,919 |  |  | 9,361 |  |  | 1,041 |  |  | 70,208 |  |  | 542 |  |  | (73,707) |  |  | (2,730) |  | (4) | 172,461 |
Income tax (expense)/benefit | (29,574) |  |  | (5,653) |  |  | (1,965) |  |  | (219) |  |  | (14,744) |  |  | (114) |  |  | 15,325 |  |  | 572 |  |  | (36,372) |
Core earnings before preferred stock dividends | 111,253 |  |  | 21,266 |  |  | 7,396 |  |  | 822 |  |  | 55,464 |  |  | 428 |  |  | (58,382) |  |  | (2,158) |  | (4) | 136,089 |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24,677) |  |  | — |  |  | (24,677) |
Segment core earnings/(losses) | $ | 111,253 |  |  | $ | 21,266 |  |  | $ | 7,396 |  |  | $ | 822 |  |  | $ | 55,464 |  |  | $ | 428 |  |  | $ | (83,059) |  |  | $ | (2,158) |  | (4) | $ | 111,412 |
Total Assets | $ | 13,112,193 |  |  | $ | 1,507,848 |  |  | $ | 5,344,707 |  |  | $ | 87,553 |  |  | $ | — |  |  | $ | 5,012,827 |  |  | $ | 55,881 |  |  | $ | — |  |  | $ | 25,121,009 |
Total on- and off-balance sheet program assets at principal balance | $ | 16,094,640 |  |  | $ | 1,537,834 |  |  | $ | 5,895,226 |  |  | $ | 86,763 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 23,614,463 |
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3)Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.

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