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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2013
Schedule of Available-for-sale and Trading Securities [Line Items]  
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
As of June 30, 2013 and December 31, 2012, unrealized losses on available-for-sale investment securities were as follows:

Table 2.2

 
June 30, 2013
 
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
$
—

 
$
—

 
$
65,088

 
$
(9,012
)
Floating rate asset-backed securities
38,412

 
(227
)
 
9,721

 
(101
)
Floating rate corporate debt securities
19,973

 
(37
)
 
—

 
—

Fixed rate corporate debt securities
45,050

 
(133
)
 
—

 
—

Floating rate Government/GSE guaranteed mortgage-backed securities
208,198

 
(996
)
 
—

 
—

Floating rate GSE subordinated debt
—

 
—

 
63,321

 
(6,679
)
Fixed rate taxable municipal bonds
10,141

 
(1
)
 
—

 
—

Fixed rate senior agency debt
24,986

 
(4
)
 
—

 
—

Fixed rate U.S. Treasuries
280,954

 
(66
)
 
—

 
—

Total
$
627,714

 
$
(1,464
)
 
$
138,130

 
$
(15,792
)

 
December 31, 2012
 
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
$
—

 
$
—

 
$
63,159

 
$
(10,941
)
Floating rate asset-backed securities
21,648

 
(27
)
 
3,619

 
(9
)
Floating rate Government/GSE guaranteed mortgage-backed securities
174,352

 
(209
)
 
829

 
(2
)
Floating rate GSE subordinated debt
—

 
—

 
57,431

 
(12,569
)
Fixed rate senior agency debt
50,088

 
(1
)
 
—

 
—

Fixed rate U.S. Treasuries
136,194

 
(9
)
 
—

 
—

Total
$
382,282

 
$
(246
)
 
$
125,038

 
$
(23,521
)
Investment Securities [Member]
  
Schedule of Available-for-sale and Trading Securities [Line Items]  
Schedule of Available-for-sale Securities and Trading Securities Reconciliation
The following tables present the amount outstanding, amortized cost, and fair values of Farmer Mac's investment securities as of June 30, 2013 and December 31, 2012:
 
Table 2.1

 
June 30, 2013
 
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
$
74,100

 
$
—

 
$
74,100

 
$
—

 
$
(9,012
)
 
$
65,088

Floating rate asset-backed securities
158,223

 
(293
)
 
157,930

 
690

 
(328
)
 
158,292

Floating rate corporate debt securities
104,345

 
(11
)
 
104,334

 
359

 
(37
)
 
104,656

Fixed rate corporate debt securities
65,000

 
144

 
65,144

 
54

 
(133
)
 
65,065

Floating rate Government/GSE guaranteed mortgage-backed securities
651,590

 
5,480

 
657,070

 
8,033

 
(996
)
 
664,107

Fixed rate GSE guaranteed mortgage-backed securities (1)
1,434

 
4,178

 
5,612

 
221

 
—

 
5,833

Floating rate GSE subordinated debt
70,000

 
—

 
70,000

 
—

 
(6,679
)
 
63,321

Fixed rate GSE preferred stock
78,500

 
579

 
79,079

 
7,810

 
—

 
86,889

Fixed rate taxable municipal bonds
18,635

 
83

 
18,718

 
4

 
(1
)
 
18,721

Floating rate senior agency debt
50,000

 
(1
)
 
49,999

 
33

 
—

 
50,032

Fixed rate senior agency debt
119,000

 
369

 
119,369

 
102

 
(4
)
 
119,467

Fixed rate U.S. Treasuries
1,052,000

 
2,233

 
1,054,233

 
214

 
(66
)
 
1,054,381

Total available-for-sale
2,442,827

 
12,761

 
2,455,588

 
17,520

 
(17,256
)
 
2,455,852

Trading:
 
 
 
 
 

 
 

 
 

 
 

Floating rate asset-backed securities
3,826

 
—

 
3,826

 
—

 
(2,762
)
 
1,064

Total investment securities
$
2,446,653

 
$
12,761

 
$
2,459,414

 
$
17,520

 
$
(20,018
)
 
$
2,456,916

(1)
Fair value includes $4.3 million of an interest-only security with a notional amount of $152.4 million.





 
December 31, 2012
 
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
$
74,100

 
$
—

 
$
74,100

 
$
—

 
$
(10,941
)
 
$
63,159

Floating rate asset-backed securities
150,519

 
(372
)
 
150,147

 
933

 
(36
)
 
151,044

Fixed rate asset-backed securities
6,501

 
—

 
6,501

 
—

 
—

 
6,501

Floating rate corporate debt securities
76,345

 
(32
)
 
76,313

 
450

 
—

 
76,763

Fixed rate corporate debt securities
51,969

 
243

 
52,212

 
204

 
—

 
52,416

Floating rate Government/GSE guaranteed mortgage-backed securities
699,062

 
5,973

 
705,035

 
8,035

 
(211
)
 
712,859

Fixed rate GSE guaranteed mortgage-backed securities
1,910

 
1

 
1,911

 
154

 
—

 
2,065

Floating rate GSE subordinated debt
70,000

 
—

 
70,000

 
—

 
(12,569
)
 
57,431

Fixed rate GSE preferred stock
78,500

 
784

 
79,284

 
7,802

 
—

 
87,086

Floating rate senior agency debt
50,000

 
(6
)
 
49,994

 
61

 
—

 
50,055

Fixed rate senior agency debt
72,700

 
287

 
72,987

 
128

 
(1
)
 
73,114

Fixed rate U.S. Treasuries
1,163,400

 
2,240

 
1,165,640

 
258

 
(9
)
 
1,165,889

Total available-for-sale
2,495,006

 
9,118

 
2,504,124

 
18,025

 
(23,767
)
 
2,498,382

Trading:
 
 
 
 
 

 
 

 
 

 
 

Floating rate asset-backed securities
4,327

 
—

 
4,327

 
—

 
(3,080
)
 
1,247

Total investment securities
$
2,499,333

 
$
9,118

 
$
2,508,451

 
$
18,025

 
$
(26,847
)
 
$
2,499,629
Investments Classified by Contractual Maturity Date
 
June 30, 2013
 
Available-for-Sale Securities
 
Amortized
Cost
 
Fair Value
 
Weighted-
Average
Yield
 
(dollars in thousands)
Due within one year
$
1,285,008

 
$
1,285,325

 
0.53%
Due after one year through five years
168,884

 
169,169

 
0.95%
Due after five years through ten years
396,588

 
392,000

 
1.03%
Due after ten years
605,108

 
609,358

 
2.35%
Total
$
2,455,588

 
$
2,455,852

 
1.09%