Revision of Prior Period Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Revised Consolidated Balance Sheet

Revised Consolidated Balance Sheet

	As of December 31, 2021
	As previously Reported		Adjustments		As Revised
	(in thousands)
Assets
Financial Derivatives, at fair value	$	19,139	$	(13,058)	$	6,081
Interest Receivable	177,355		(11,751)		165,604
Deferred Tax Asset, net	15,558		311		15,869
Prepaid Expenses and Other Assets	45,318		16		45,334
Total Assets	$	25,145,491	$	(24,482)	$	25,121,009
Liabilities
Notes Payable	$	22,716,156	$	(2,385)	$	22,713,771
Financial Derivatives, at fair value	34,248		1,306		35,554
Accrued Interest Payable	83,992		(24,989)		59,003
Accounts Payable and Accrued Expenses	79,427		(7,701)		71,726
Total Liabilities	$	23,941,078	$	(33,769)	$	23,907,309
Equity
Retained Earnings	$	579,270	$	9,287	$	588,557
Total Equity	1,204,413		9,287		1,213,700
Total Liabilities and Equity	$	25,145,491	$	(24,482)	$	25,121,009

Schedule of Revised Consolidated Statements of Operations

Revised Consolidated Statements of Operations

	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	As previously Reported		Adjustments		As Revised		As previously Reported		Adjustments		As Revised
	(in thousands)
Interest Income:
Farmer Mac Guaranteed Securities and USDA Securities	$	163,547	$	1,176	$	164,723	$	227,691	$	5,260	$	232,951
Total interest income	424,789		1,176		425,965		503,534		5,260		508,794
Net interest income	220,775		1,176		221,951		190,588		5,260		195,848
Non-interest income/(expense):
(Losses)/gains on financial derivatives	(3,348)		3,672		324		(246)		1,990		1,744
Non-Interest Income	19,394		3,672		23,066		16,053		1,990		18,043
Income before income taxes	167,613		4,848		172,461		137,433		7,250		144,683
Income tax expense	35,353		1,019		36,372		28,785		1,522		30,307
Net Income	132,260		3,829		136,089		108,648		5,728		114,376
Net Income attributable to common stockholders	107,583		3,829		111,412		89,176		5,728		94,904

Schedule of Revised Consolidated Statements of Comprehensive Income

Revised Consolidated Statements of Comprehensive Income

	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	As previously Reported		Adjustments		As Revised		As previously Reported		Adjustments		As Revised
	(in thousands)
Net Income	$	132,260	$	3,829	$	136,089	$	108,648	$	5,728	$	114,376
Comprehensive Income	150,036		3,829		153,865		110,886		5,728		116,614

Schedule of Revised Consolidated Statements of Equity

Revised Consolidated Statements of Equity

	Retained Earnings						Total Equity
	As previously Reported		Adjustments		As Revised		As previously Reported		Adjustments		As Revised
	(in thousands)
Balance as of December 31, 2019	$	457,047	$	(270)	$	456,777	$	799,276	$	(270)	$	799,006
Net Income	108,648		5,728		114,376		108,648		5,728		114,376
Balance as of December 31, 2020	$	509,560	$	5,458	$	515,018	$	992,477	$	5,458	$	997,935
Net Income	132,260		3,829		136,089		132,260		3,829		136,089
Balance as of December 31, 2021	$	579,270	$	9,287	$	588,557	$	1,204,413	$	9,287	$	1,213,700

Schedule of Revised Consolidated Statements of Cash Flows

Revised Consolidated Statements of Cash Flows

	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	As previously Reported		Adjustments		As Revised		As previously Reported		Adjustments		As Revised
	(in thousands)
Cash flows from operating activities:
Net income/(loss)	$	132,260	$	3,829	$	136,089	$	108,648	$	5,728	$	114,376
Adjustments to reconcile net income to net cash provided by operating activities:
Net change in fair value of trading securities, hedged assets, and financial derivatives	203,758		1,943		205,701		(256,466)		15,921		(240,545)
Deferred income taxes	(1,960)		330		(1,630)		(2,406)		(420)		(2,826)
Net change in:
Interest receivable	6,945		(2,499)		4,446		11,054		(735)		10,319
Other assets	(9,830)		—		(9,830)		(3,348)		(6,956)		(10,304)
Accrued interest payable	(8,746)		(780)		(9,526)		(14,221)		(8,511)		(22,732)
Other liabilities	2,378		(2,823)		(445)		5,866		(5,027)		839
Net cash provided by operating activities	436,412		—		436,412		(94,547)		—		(94,547)