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BUSINESS SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2024 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2024 USD ($) segment | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($)
Segment Reporting [Abstract] |  |  |  |  |
Number of operating segments | segment |  |  | 7 |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | $ 86,791 | $ 87,643 | $ 260,499 | $ 245,378 |
Guarantee and commitment fees | 4,015 | 5,520 | 11,729 | 12,942 |
Gain on sale of investment securities | 0 | 0 | 1,052 | 0 |
Losses on sale of mortgage loans | 0 | 0 | (1,147) | 0 |
Other income/(expense) | (516) | 3,940 | 1,687 | 8,016 |
Total revenues | 90,290 | 97,103 | 273,820 | 266,336 |
Provision for of losses | (3,428) | 136 | (7,806) | (1,484) |
Release of/(provision for) reserve for losses | 170 | 45 | 188 | (227) |
Operating expenses | (24,783) | (24,034) | (76,489) | (71,935) |
Total non-interest expense | (24,613) | (23,989) | (76,301) | (72,162) |
Core earnings before income taxes | 62,249 | 73,250 | 189,713 | 192,690 |
Income tax (expense)/benefit | (12,421) | (15,113) | (39,034) | (40,306) |
Core earnings before preferred stock dividends | 49,828 | 58,137 | 150,679 | 152,384 |
Preferred stock dividends | (5,897) | (6,792) | (19,480) | (20,374) |
Loss on retirement of preferred stock | (1,619) | 0 | (1,619) | 0 |
Segment core earnings/(losses) | 42,312 | 51,345 | 129,580 | 132,010 |
Total Assets | 30,615,221 | 28,311,381 | 30,615,221 | 28,311,381 | $ 29,524,382
Total on- and off-balance sheet program assets at principal balance | 28,468,303 | 27,652,011 | 28,468,303 | 27,652,011 |
Reconciling Adjustments |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | 0 | 0 | 0 | 0 |
Less: reconciling adjustments | 1,395 | 4,219 | 8,463 | 2,949 |
Net effective spread | 1,395 | 4,219 | 8,463 | 2,949 |
Guarantee and commitment fees | (982) | 692 | (3,506) | (1,121) |
Gain on sale of investment securities | 0 |  | 0 |  |
Losses on sale of mortgage loans | 0 |  | 0 |  |
Other income/(expense) | (1,649) | 2,884 | (1,004) | 5,484 |
Total revenues | (1,236) | 7,795 | 3,953 | 7,312 |
Provision for of losses | 0 | 0 | 0 | 0 |
Release of/(provision for) reserve for losses | 0 | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 | 0 |
Core earnings before income taxes | (1,236) | 7,795 | 3,953 | 7,312 |
Income tax (expense)/benefit | 260 | (1,638) | (830) | (1,536) |
Core earnings before preferred stock dividends | (976) | 6,157 | 3,123 | 5,776 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Loss on retirement of preferred stock | (1,619) |  | (1,619) |  |
Segment core earnings/(losses) | (2,595) | 6,157 | 1,504 | 5,776 |
Total Assets | 0 | 0 | 0 | 0 |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | $ 0 | 0 |
Agricultural Finance |  |  |  |  |
Segment Reporting [Abstract] |  |  |  |  |
Number of operating segments | segment |  |  | 2 |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Release of/(provision for) reserve for losses | 126 | 59 | $ 154 | (593) |
Farm & Ranch | Operating Segments |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | 36,816 | 33,735 | 106,227 | 102,671 |
Less: reconciling adjustments | (1,061) | (1,017) | (3,473) | (3,100) |
Net effective spread | 35,755 | 32,718 | 102,754 | 99,571 |
Guarantee and commitment fees | 4,304 | 4,447 | 13,400 | 12,960 |
Gain on sale of investment securities | 0 |  | 0 |  |
Losses on sale of mortgage loans | 0 |  | 0 |  |
Other income/(expense) | 1,091 | 807 | 2,603 | 2,216 |
Total revenues | 41,150 | 37,972 | 118,757 | 114,747 |
Provision for of losses | (116) | 13 | (888) | 136 |
Release of/(provision for) reserve for losses | 126 | 58 | 154 | (594) |
Operating expenses | (196) | 0 | (196) | 0 |
Total non-interest expense | (70) | 58 | (42) | (594) |
Core earnings before income taxes | 40,964 | 38,043 | 117,827 | 114,289 |
Income tax (expense)/benefit | (8,602) | (7,989) | (24,743) | (24,001) |
Core earnings before preferred stock dividends | 32,362 | 30,054 | 93,084 | 90,288 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 |  | 0 |  |
Segment core earnings/(losses) | 32,362 | 30,054 | 93,084 | 90,288 |
Total Assets | 14,562,142 | 14,660,371 | 14,562,142 | 14,660,371 |
Total on- and off-balance sheet program assets at principal balance | 18,090,374 | 18,461,835 | 18,090,374 | 18,461,835 |
Corporate AgFinance | Operating Segments |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | 6,397 | 8,250 | 22,234 | 22,842 |
Less: reconciling adjustments | 0 | 0 | 0 | 0 |
Net effective spread | 6,397 | 8,250 | 22,234 | 22,842 |
Guarantee and commitment fees | 168 | 78 | 382 | 193 |
Gain on sale of investment securities | 0 |  | 0 |  |
Losses on sale of mortgage loans | 0 |  | (1,147) |  |
Other income/(expense) | 40 | 0 | 47 | 12 |
Total revenues | 6,605 | 8,328 | 21,516 | 23,047 |
Provision for of losses | (1,779) | 3,694 | (6,755) | (934) |
Release of/(provision for) reserve for losses | 0 | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 | 0 |
Core earnings before income taxes | 4,826 | 12,022 | 14,761 | 22,113 |
Income tax (expense)/benefit | (1,013) | (2,525) | (3,099) | (4,644) |
Core earnings before preferred stock dividends | 3,813 | 9,497 | 11,662 | 17,469 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 |  | 0 |  |
Segment core earnings/(losses) | 3,813 | 9,497 | 11,662 | 17,469 |
Total Assets | 1,662,687 | 1,619,664 | 1,662,687 | 1,619,664 |
Total on- and off-balance sheet program assets at principal balance | 1,842,780 | 1,741,306 | 1,842,780 | 1,741,306 |
Rural Infrastructure Finance |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Release of/(provision for) reserve for losses | 44 | (14) | 33 | 366 |
Rural Utilities | Operating Segments |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | 7,608 | 6,393 | 22,545 | 17,772 |
Less: reconciling adjustments | (29) | (31) | (88) | (95) |
Net effective spread | 7,579 | 6,362 | 22,457 | 17,677 |
Guarantee and commitment fees | 338 | 279 | 988 | 841 |
Gain on sale of investment securities | 0 |  | 0 |  |
Losses on sale of mortgage loans | 0 |  | 0 |  |
Other income/(expense) | 0 | 0 | 0 | 0 |
Total revenues | 7,917 | 6,641 | 23,445 | 18,518 |
Provision for of losses | (1,195) | (3,504) | 2,324 | (652) |
Release of/(provision for) reserve for losses | 44 | (13) | 34 | 367 |
Operating expenses | 0 | 0 | 0 | 0 |
Total non-interest expense | 44 | (13) | 34 | 367 |
Core earnings before income taxes | 6,766 | 3,124 | 25,803 | 18,233 |
Income tax (expense)/benefit | (1,421) | (656) | (5,419) | (3,829) |
Core earnings before preferred stock dividends | 5,345 | 2,468 | 20,384 | 14,404 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 |  | 0 |  |
Segment core earnings/(losses) | 5,345 | 2,468 | 20,384 | 14,404 |
Total Assets | 6,952,605 | 6,648,693 | 6,952,605 | 6,648,693 |
Total on- and off-balance sheet program assets at principal balance | 7,440,141 | 7,118,295 | 7,440,141 | 7,118,295 |
Renewable Energy | Operating Segments |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | 3,810 | 1,150 | 8,858 | 3,108 |
Less: reconciling adjustments | 0 | 0 | 0 | 0 |
Net effective spread | 3,810 | 1,150 | 8,858 | 3,108 |
Guarantee and commitment fees | 187 | 24 | 465 | 69 |
Gain on sale of investment securities | 0 |  | 0 |  |
Losses on sale of mortgage loans | 0 |  | 0 |  |
Other income/(expense) | 0 | 0 | 0 | 0 |
Total revenues | 3,997 | 1,174 | 9,323 | 3,177 |
Provision for of losses | (337) | (66) | (2,488) | (38) |
Release of/(provision for) reserve for losses | 0 | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 | 0 |
Core earnings before income taxes | 3,660 | 1,108 | 6,835 | 3,139 |
Income tax (expense)/benefit | (768) | (233) | (1,435) | (659) |
Core earnings before preferred stock dividends | 2,892 | 875 | 5,400 | 2,480 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 |  | 0 |  |
Segment core earnings/(losses) | 2,892 | 875 | 5,400 | 2,480 |
Total Assets | 985,435 | 320,572 | 985,435 | 320,572 |
Total on- and off-balance sheet program assets at principal balance | 1,095,008 | 330,575 | 1,095,008 | 330,575 |
Funding | Operating Segments |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | 31,217 | 37,642 | 98,556 | 98,588 |
Less: reconciling adjustments | (305) | (3,230) | (4,902) | 60 |
Net effective spread | 30,912 | 34,412 | 93,654 | 98,648 |
Guarantee and commitment fees | 0 | 0 | 0 | 0 |
Gain on sale of investment securities | 0 |  | 0 |  |
Losses on sale of mortgage loans | 0 |  | 0 |  |
Other income/(expense) | 0 | 3 | 0 | 3 |
Total revenues | 30,912 | 34,415 | 93,654 | 98,651 |
Provision for of losses | 0 | 0 | 0 | 0 |
Release of/(provision for) reserve for losses | 0 | 0 | 0 | 0 |
Operating expenses | 0 |  | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 | 0 |
Core earnings before income taxes | 30,912 | 34,415 | 93,654 | 98,651 |
Income tax (expense)/benefit | (6,492) | (7,226) | (19,666) | (20,716) |
Core earnings before preferred stock dividends | 24,420 | 27,189 | 73,988 | 77,935 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 |  | 0 |  |
Segment core earnings/(losses) | 24,420 | 27,189 | 73,988 | 77,935 |
Total Assets | 0 | 0 | 0 | 0 |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 | 0 |
Investments | Operating Segments |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | 943 | 473 | 2,079 | 397 |
Less: reconciling adjustments | 0 | 59 | 0 | 186 |
Net effective spread | 943 | 532 | 2,079 | 583 |
Guarantee and commitment fees | 0 | 0 | 0 | 0 |
Gain on sale of investment securities | 0 |  | 1,052 |  |
Losses on sale of mortgage loans | 0 |  | 0 |  |
Other income/(expense) | 10 | 6 | 21 | 17 |
Total revenues | 953 | 538 | 3,152 | 600 |
Provision for of losses | (1) | (1) | 1 | 4 |
Release of/(provision for) reserve for losses | 0 | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 | 0 |
Core earnings before income taxes | 952 | 537 | 3,153 | 604 |
Income tax (expense)/benefit | (201) | (113) | (664) | (127) |
Core earnings before preferred stock dividends | 751 | 424 | 2,489 | 477 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 |  | 0 |  |
Segment core earnings/(losses) | 751 | 424 | 2,489 | 477 |
Total Assets | 6,389,160 | 4,866,969 | 6,389,160 | 4,866,969 |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 | 0 |
Corporate | Operating Segments |  |  |  |  |
Segment Reporting Information, Profit (Loss) [Abstract] |  |  |  |  |
Net interest income | 0 | 0 | 0 | 0 |
Less: reconciling adjustments | 0 | 0 | 0 | 0 |
Net effective spread | 0 | 0 | 0 | 0 |
Guarantee and commitment fees | 0 | 0 | 0 | 0 |
Gain on sale of investment securities | 0 |  | 0 |  |
Losses on sale of mortgage loans | 0 |  | 0 |  |
Other income/(expense) | (8) | 240 | 20 | 284 |
Total revenues | (8) | 240 | 20 | 284 |
Provision for of losses | 0 | 0 | 0 | 0 |
Release of/(provision for) reserve for losses | 0 | 0 | 0 | 0 |
Operating expenses | (24,587) | (24,034) | (76,293) | (71,935) |
Total non-interest expense | (24,587) | (24,034) | (76,293) | (71,935) |
Core earnings before income taxes | (24,595) | (23,794) | (76,273) | (71,651) |
Income tax (expense)/benefit | 5,816 | 5,267 | 16,822 | 15,206 |
Core earnings before preferred stock dividends | (18,779) | (18,527) | (59,451) | (56,445) |
Preferred stock dividends | (5,897) | (6,792) | (19,480) | (20,374) |
Loss on retirement of preferred stock | 0 |  | 0 |  |
Segment core earnings/(losses) | (24,676) | (25,319) | (78,931) | (76,819) |
Total Assets | 63,192 | 195,112 | 63,192 | 195,112 |
Total on- and off-balance sheet program assets at principal balance | $ 0 | $ 0 | $ 0 | $ 0 |

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