CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Interest income:
Investments and cash equivalents	$ 6,681		$ 2,865
Farmer Mac Guaranteed Securities and USDA Securities	35,510		33,122
Loans	31,700		27,964
Total interest income	73,891	[1]	63,951	[2]
Total interest expense	40,251	[3]	33,162	[4]
Net interest income	33,640		30,789
Provision for loan losses	(49)		(76)
Net interest income after provision for loan losses	33,591		30,713
Non-interest (loss)/income:
Guarantee and commitment fees	3,626		3,377
Losses on financial derivatives and hedging activities	(6,782)		(3,882)
Gains on trading securities	358		362
(Losses)/gains on sale of available-for-sale investment securities	(9)		6
Losses on sale of real estate owned	0		(1)
Other income	101		613
Non-interest (loss)/income	(2,706)		475
Non-interest expense:
Compensation and employee benefits	5,774		5,693
General and administrative	3,526		2,823
Regulatory fees	613		600
Real estate owned operating costs, net	39		(1)
Provision for/(release of) reserve for losses	14		(772)
Non-interest expense	9,966	[5]	8,343	[6]
Income before income taxes	20,919		22,845
Income tax expense	7,335		4,231
Net income	13,584		18,614
Less: Net loss/(income) attributable to non-controlling interest	28		(5,354)
Net income attributable to Farmer Mac	13,612		13,260
Preferred stock dividends	(3,295)		(3,295)
Loss on retirement of preferred stock	0		(8,147)
Net income attributable to common stockholders	$ 10,317		$ 1,818
Earnings per common share and dividends:
Basic earnings per common share	$ 0.99		$ 0.17
Diluted earnings per common share	0.94000		0.16000
Common stock dividends per common share	$ 0.26		$ 0.16

[1] Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts.

[2] Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts.

[3] Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "Losses on financial derivatives and hedging activities" on the consolidated financial statements.

[4] Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "Losses on financial derivatives and hedging activities" on the consolidated financial statements.

[5] Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount

[6] Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount.