Financial Derivatives - (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of June 30, 2014 and December 31, 2013 and the effects of financial derivatives on the consolidated statements of operations for the three and six months ended June 30, 2014 and 2013:

Table 4.1

	As of June 30, 2014
			Fair Value						Weighted- Average Pay Rate	Weighted- Average Receive Rate	Weighted- Average Forward Price	Weighted- Average Remaining Life (in years)
	Notional Amount		Asset			(Liability)
	(dollars in thousands)
Fair value hedges:
Interest rate swaps:
Pay fixed non-callable	$	900,000	$	—		$	(29,589	)	2.25%	0.23%		2.75
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	10,000		—			(129		)	2.50%	0.50%		6.45
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	507,552		1,955			(47,646		)	4.27%	0.23%		7.34
Receive fixed non-callable	3,968,832		4,979			(186		)	0.19%	0.39%		0.48
Receive fixed callable	200,000		22			(424		)	0.09%	0.98%		3.49
Basis swaps	880,000		418			(240		)	0.12%	0.30%		2.29
Agency forwards	15,836		—			(149		)			98.27
Treasury futures	13,700		—			(62		)			124.72
Credit valuation adjustment			(56		)	129
Total financial derivatives	$	6,495,920	$	7,318		$	(78,296	)
Collateral pledged			—			23,822
Net amount			$	7,318		$	(54,474	)

	As of December 31, 2013
			Fair Value						Weighted- Average Pay Rate	Weighted- Average Receive Rate	Weighted- Average Forward Price	Weighted- Average Remaining Life (in years)
	Notional Amount		Asset			(Liability)
	(dollars in thousands)
Fair value hedges:
Interest rate swaps:
Pay fixed non-callable	$	900,000	$	—		$	(28,989	)	2.25%	0.24%		3.25
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	10,000		68			—			2.50%	0.48%		6.95
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	806,596		7,570			(45,360		)	4.63%	0.24%		4.86
Receive fixed non-callable	4,324,663		11,836			(262		)	0.27%	0.70%		0.53
Receive fixed callable	175,000		83			(934		)	0.10%	0.65%		3.30
Basis swaps	404,288		276			(318		)	0.32%	0.29%		1.52
Agency forwards	65,704		86			—					98.91
Treasury futures	5,600		—			(1		)			123.02
Credit valuation adjustment			(201		)	156
Total financial derivatives	$	6,691,851	$	19,718		$	(75,708	)
Collateral pledged			—			11,320
Net amount			$	19,718		$	(64,388	)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

Table 4.2

	(Losses)/Gains on Financial Derivatives and Hedging Activities
	For the Three Months Ended						For the Six Months Ended
	June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
	(in thousands)
Fair value hedges:
Interest rate swaps (1)	$	(799	)	$	17,535		$	(599	)	$	23,326
Hedged items	3,818			(14,729		)	6,568			(17,867		)
Gains on hedging activities	3,019			2,806			5,969			5,459
No hedge designation:
Interest rate swaps	(8,126		)	10,913			(17,674		)	13,759
Agency forwards	(235		)	1,076			(1,087		)	92
Treasury futures	(356		)	188			(484		)	167
(Losses)/gains on financial derivatives not designated in hedging relationships	(8,717		)	12,177			(19,245		)	14,018
(Losses)/gains on financial derivatives and hedging activities	$	(5,698	)	$	14,983		$	(13,276	)	$	19,477

(1) Included in the assessment of hedge effectiveness at June 30, 2014, but excluded from the amounts in the table, were losses of $2.9 million and $5.9 million for the three and six months ended June 30, 2014, respectively, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three and six months ended June 30, 2014 were gains of $0.1 million. The comparable amounts at June 30, 2013 were losses of $3.0 million and $6.0 million for the three and six months ended June 30, 2013, respectively, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, losses of $0.2 million and $0.5 million for the three and six months ended June 30, 2013, respectively attributable to hedge ineffectiveness.