CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017		Mar. 31, 2016
Interest income:
Investments and cash equivalents	$ 7,243		$ 6,681
Farmer Mac Guaranteed Securities and USDA Securities	42,522		35,510
Loans	36,852		31,700
Total interest income	86,617		73,891
Total interest expense	49,546		40,251
Net interest income	37,071		33,640
Provision for loan losses	(637)		(49)
Net interest income after provision for loan losses	36,434		33,591
Non-interest income/(loss):
Guarantee and commitment fees	3,844	[1]	3,626	[2]
Gains/(losses) on financial derivatives and hedging activities	2,486		(6,782)
(Losses)/gains on trading securities	(82)		358
Losses on sale of available-for-sale investment securities	0		(9)
Losses on sale of real estate owned	(5)		0
Other income	553		101
Non-interest income/(loss)	6,796		(2,706)
Non-interest expense:
Compensation and employee benefits	6,317		5,774
General and administrative	3,800		3,526
Regulatory fees	625		613
Real estate owned operating costs, net	0		39
(Release of)/provision for reserve for losses	(193)		14
Non-interest expense	10,549	[3]	9,966	[4]
Income before income taxes	32,681		20,919
Income tax expense	10,786		7,335
Net income	21,895		13,584
Less: Net loss attributable to non-controlling interest	15		28
Net income attributable to Farmer Mac	21,910		13,612
Preferred stock dividends	(3,295)		(3,295)
Net income attributable to common stockholders	$ 18,615		$ 10,317
Earnings per common share and dividends:
Basic earnings per common share	$ 1.76		$ 0.99
Diluted earnings per common share	1.73000		0.94000
Common Stock, Dividends, Per Share, Cash Paid	$ 0.36		$ 0.26

[1] 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.

[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 directly attributable costs and an allocation of indirectly attributable costs based on staffing.

[4] Includes directly attributable costs and an allocation of indirectly attributable costs based on staffing.