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Business Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Business Segment Reporting BUSINESS SEGMENT REPORTING
The following table presents the alignment of the Farmer Mac's seven segments:

Agricultural FinanceRural Infrastructure FinanceTreasury
Farm & RanchCorporate AgFinanceRural UtilitiesRenewable EnergyFundingInvestmentsCorporate

The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a
consolidated basis. Accordingly, the core earnings for Farmer Mac's segments would differ from any stand-alone financial statements of Farmer Mac's subsidiaries. These differences would be due to various factors, including the exclusion of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as operating expenses, dividends and interest expense related to the issuance of capital and the issuance of indebtedness managed at the corporate level.

The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the years ended December 31, 2022, 2021, and 2020.
Table 14.1
Core Earnings by Business Segment
For the Year Ended December 31, 2022
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$133,218 $29,209 $16,175 $2,483 $96,613 $(6,758)$— $—  $270,940 
Less: reconciling adjustments(1)(2)(3)
(4,161)— (103)— (11,147)— — 15,411 — 
Net effective spread129,057 29,209 16,072 2,483 85,466 (6,758)— 15,411 — 
Guarantee and commitment fees16,718 139 1,238 49 — — — (5,104)13,040 
Other income/(expense)(3)
1,420 261 — — — — 3 23,447 25,131 
Total revenues147,195 29,609 17,310 2,532 85,466 (6,758)3 33,754 309,111 
(Provision for)/release of losses(1,463)(2,136)2,751 (494)— 19 — —  (1,323)
Release of reserve for losses247 — 270 — — — — — 517 
Operating expenses(819)— — — — — (81,807)—  (82,626)
Total non-interest expense(572)— 270 — — — (81,807)—  (82,109)
Core earnings before income taxes145,160 27,473 20,331 2,038 85,466 (6,739)(81,804)33,754 
(4)
225,679 
Income tax (expense)/benefit(30,482)(5,768)(4,268)(428)(17,949)1,416 17,033 (7,089)(47,535)
Core earnings before preferred stock dividends 114,678 21,705 16,063 1,610 67,517 (5,323)(64,771)26,665 
(4)
178,144 
Preferred stock dividends— — — — — — (27,165)—  (27,165)
Segment core earnings/(losses)$114,678 $21,705 $16,063 $1,610 $67,517 $(5,323)$(91,936)$26,665 
(4)
$150,979 
Total Assets$14,623,596 $1,541,151 $5,867,517 $219,609 $— $4,806,010 $275,227 $—  27,333,110 
Total on- and off-balance sheet program assets at principal balance$17,728,792 $1,603,507 $6,359,613 $230,170 $— $— $— $—  25,922,082 
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.
(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 the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment.
(4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.
Core Earnings by Business Segment
For the Year Ended December 31, 2021
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$118,289 $27,081 $8,224 $1,219 $66,581 $557 $— $—  $221,951 
Less: reconciling adjustments(1)(2)(3)
(4,753)— (157)— 3,627 — — 1,283 — 
Net effective spread113,536 27,081 8,067 1,219 70,208 557 — 1,283 — 
Guarantee and commitment fees16,178 48 1,287 20 — — — (4,864)12,669 
Gain on sale of
mortgage loans		6,539 — — — — — — — 6,539 
Other income/(expense)(3)
1,966 — 5 — — — (291)851 2,531 
Total revenues138,219 27,129 9,359 1,239 70,208 557 (291)(2,730)243,690 
Release of/(provision for) losses1,574 (210)(291)(198)— (15)— —  860 
Provision for reserve for losses1,034 — 293 — — — — — 1,327 
Operating expenses— — — — — — (73,416)—  (73,416)
Total non-interest expense1,034 — 293 — — — (73,416)—  (72,089)
Core earnings before income taxes140,827 26,919 9,361 1,041 70,208 542 (73,707)(2,730)
(4)
172,461 
Income tax (expense)/benefit(29,574)(5,653)(1,965)(219)(14,744)(114)15,325 572 (36,372)
Core earnings before preferred stock dividends 111,253 21,266 7,396 822 55,464 428 (58,382)(2,158)
(4)
136,089 
Preferred stock dividends— — — — — — (24,677)—  (24,677)
Segment core earnings/(losses)$111,253 $21,266 $7,396 $822 $55,464 $428 $(83,059)$(2,158)
(4)
$111,412 
Total Assets$13,112,193 $1,507,848 $5,344,707 $87,553 $— $5,012,827 $55,881 $—  $25,121,009 
Total on- and off-balance sheet program assets at principal balance$16,094,640 $1,537,834 $5,895,226 $86,763 $— $— $— $—  $23,614,463 
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.
(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 the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment.
(4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.