CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income:
Investments and cash equivalents	$ 5,529	$ 17,741
Farmer Mac Guaranteed Securities and USDA Securities	42,404	71,517
Loans	59,494	60,596
Total interest income	107,427	149,854
Total interest expense	54,176	108,542
Net interest income	53,251	41,312
Provision for losses	(913)	(3,438)
Net interest income after provision for losses	52,338	37,874
Non-interest income/(expense):
Guarantee and commitment fees	3,030	3,196
Gains/(losses) on financial derivatives	4,293	(9,298)
(Losses)/gains on trading securities	(13)	106
Gains on sale of real estate owned	0	485
Release of reserve for losses	944	(393)
Other income	583	816
Non-interest income/(expense)	8,837	(5,088)
Operating expenses:
Compensation and employee benefits	11,795	10,127
General and administrative	6,336	5,363
Regulatory fees	750	725
Operating expenses	18,881	16,215
Income before income taxes	42,294	16,571
Income tax expense	9,067	3,741
Net income	33,227	12,830
Preferred stock dividends	(5,269)	(3,431)
Net income attributable to common stockholders	$ 27,958	$ 9,399
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.60	$ 0.88
Diluted earnings per common share (in dollars per share)	$ 2.58	$ 0.87