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Business Segment Reporting
 9 Months Ended
Sep. 30, 2023
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 three and nine months ended September 30, 2023 and 2022.
Table 10.1

Core Earnings by Business Segment
For the Three Months Ended September 30, 2023
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$33,735 $8,250 $6,393 $1,150 $37,642 $473 $— $—  $87,643 
Less: reconciling adjustments(1)(2)(3)
(1,017)— (31)— (3,230)59 — 4,219 — 
Net effective spread32,718 8,250 6,362 1,150 34,412 532 — 4,219 — 
Guarantee and commitment fees4,447 78 279 24 — — — 692 5,520 
Other income/(expense)(3)
807 — — — 3 6 240 2,884 3,940 
Total revenues37,972 8,328 6,641 1,174 34,415 538 240 7,795 97,103 
Release of/(provision for) losses
13 3,694 (3,504)(66)— (1)— —  136 
Release of/(provision for) reserve for losses
58 — (13)— — — — — 45 
Operating expenses— — — — — — (24,034)—  (24,034)
Total non-interest expense58 — (13)— — — (24,034)—  (23,989)
Core earnings before income taxes38,043 12,022 3,124 1,108 34,415 537 (23,794)7,795 
(4)
73,250 
Income tax (expense)/benefit(7,989)(2,525)(656)(233)(7,226)(113)5,267 (1,638)(15,113)
Core earnings before preferred stock dividends 30,054 9,497 2,468 875 27,189 424 (18,527)6,157 
(4)
58,137 
Preferred stock dividends— — — — — — (6,792)—  (6,792)
Segment core earnings/(losses)$30,054 $9,497 $2,468 $875 $27,189 $424 $(25,319)$6,157 
(4)
$51,345 
Total Assets$14,660,371 $1,619,664 $6,648,693 $320,572 $— $4,866,969 $195,112 $—  $28,311,381 
Total on- and off-balance sheet program assets at principal balance$18,461,835 $1,741,306 $7,118,295 $330,575 $— $— $— $—  $27,652,011 
(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 Three Months Ended September 30, 2022
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$34,173 $7,600 $4,253 $705 $23,913 $(2,791)$— $—  $67,853 
Less: reconciling adjustments(1)(2)(3)
(830)— (33)— (1,349)— — 2,212 — 
Net effective spread33,343 7,600 4,220 705 22,564 (2,791)— 2,212 — 
Guarantee and commitment fees3,833 46 309 13 — — — (1,558)2,643 
Other income/(expense)(3)
469 4 — — — — — 909 1,382 
Total revenues37,645 7,650 4,529 718 22,564 (2,791)— 1,563 71,878 
Release of/(provision for) losses93 (333)(414)26 — 11 — —  (617)
Release of reserve for losses139 — 28 — — — — — 167 
Operating expenses— — — — — — (19,379)—  (19,379)
Total non-interest expense139 — 28 — — — (19,379)—  (19,212)
Core earnings before income taxes37,877 7,317 4,143 744 22,564 (2,780)(19,379)1,563 
(4)
52,049 
Income tax (expense)/benefit(7,953)(1,536)(869)(156)(4,739)584 4,366 (328)(10,631)
Core earnings before preferred stock dividends 29,924 5,781 3,274 588 17,825 (2,196)(15,013)1,235 
(4)
41,418 
Preferred stock dividends— — — — — — (6,791)—  (6,791)
Segment core earnings/(losses)$29,924 $5,781 $3,274 $588 $17,825 $(2,196)$(21,804)$1,235 
(4)
$34,627 
Total Assets$14,113,686 $1,558,139 $5,779,300 $186,832 $— $4,608,868 $194,763 $—  $26,441,588 
Total on- and off-balance sheet program assets at principal balance$17,199,347 $1,634,786 $6,296,263 $196,242 $— $— $— $—  $25,326,638 
(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 Nine Months Ended September 30, 2023
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$102,671 $22,842 $17,772 $3,108 $98,588 $397 $— $—  $245,378 
Less: reconciling adjustments(1)(2)(3)
(3,100)— (95)— 60 186 — 2,949 — 
Net effective spread99,571 22,842 17,677 3,108 98,648 583 — 2,949 — 
Guarantee and commitment fees12,960 193 841 69 — — — (1,121)12,942 
Other income/(expense)(3)
2,216 12 — — 3 17 284 5,484 8,016 
Total revenues114,747 23,047 18,518 3,177 98,651 600 284 7,312 266,336 
Release of/(provision for) losses136 (934)(652)(38)— 4 — —  (1,484)
(Provision for)/release of reserve for losses(594)— 367 — — — — — (227)
Operating expenses— — — — — — (71,935)—  (71,935)
Total non-interest expense(594)— 367 — — — (71,935)—  (72,162)
Core earnings before income taxes114,289 22,113 18,233 3,139 98,651 604 (71,651)7,312 
(4)
192,690 
Income tax (expense)/benefit(24,001)(4,644)(3,829)(659)(20,716)(127)15,206 (1,536)(40,306)
Core earnings before preferred stock dividends 90,288 17,469 14,404 2,480 77,935 477 (56,445)5,776 
(4)
152,384 
Preferred stock dividends— — — — — — (20,374)—  (20,374)
Segment core earnings/(losses)$90,288 $17,469 $14,404 $2,480 $77,935 $477 $(76,819)$5,776 
(4)
$132,010 
Total Assets$14,660,371 $1,619,664 $6,648,693 $320,572 $— $4,866,969 $195,112 $—  $28,311,381 
Total on- and off-balance sheet program assets at principal balance$18,461,835 $1,741,306 $7,118,295 $330,575 $— $— $— $—  $27,652,011 
(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 Nine Months Ended September 30, 2022
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$99,197 $21,738 $11,218 $1,548 $67,673 $(4,069)$— $—  $197,305 
Less: reconciling adjustments(1)(2)(3)
(2,910)— (106)— (9,863)— — 12,879 — 
Net effective spread96,287 21,738 11,112 1,548 57,810 (4,069)— 12,879 — 
Guarantee and commitment fees12,387 108 929 43 — — — (3,916)9,551 
Other income/(expense)(3)
1,030 261 — — — — 3 21,987 23,281 
Total revenues109,704 22,107 12,041 1,591 57,810 (4,069)3 30,950 230,137 
Release of/(provision for) losses440 (1,498)1,927 (184)— 14 — —  699 
Release of reserve for losses324 — 116 — — — — — 440 
Operating expenses— — — — — — (60,815)—  (60,815)
Total non-interest expense324 — 116 — — — (60,815)—  (60,375)
Core earnings before income taxes110,468 20,609 14,084 1,407 57,810 (4,055)(60,812)30,950 
(4)
170,461 
Income tax (expense)/benefit(23,196)(4,327)(2,956)(295)(12,141)852 12,827 (6,499)(35,735)
Core earnings before preferred stock dividends 87,272 16,282 11,128 1,112 45,669 (3,203)(47,985)24,451 
(4)
134,726 
Preferred stock dividends— — — — — — (20,374)—  (20,374)
Segment core earnings/(losses)$87,272 $16,282 $11,128 $1,112 $45,669 $(3,203)$(68,359)$24,451 
(4)
$114,352 
Total Assets$14,113,686 $1,558,139 $5,779,300 $186,832 $— $4,608,868 $194,763 $—  $26,441,588 
Total on- and off-balance sheet program assets at principal balance$17,199,347 $1,634,786 $6,296,263 $196,242 $— $— $— $—  $25,326,638 
(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.