Farmer Mac Guaranteed Securities and USDA Guaranteed Securities
 12 Months Ended
Dec. 31, 2015
Farmer Mac Guaranteed Securities and USDA Securities [Member]  
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2015 and 2014:

Table 5.1

 
As of December 31, 2015
 
Unpaid Principal Balance
 
Unamortized Premium/(Discount)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
(in thousands)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
AgVantage
$
1,274,431

 
$
(415
)
 
$
1,274,016

 
$
7,801

 
$
—

 
$
1,281,817

Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
AgVantage
$
4,164,952

 
$
—

 
$
4,164,952

 
$
26,831

 
$
(70,539
)
 
$
4,121,244

Farmer Mac Guaranteed USDA Securities
31,554

 
(333
)
 
31,221

 
140

 
—

 
31,361

Total Farmer Mac Guaranteed Securities
4,196,506

 
(333
)
 
4,196,173

 
26,971

 
(70,539
)
 
4,152,605

USDA Securities
1,849,322

 
1,890

 
1,851,212

 
37,160

 
(28
)
 
1,888,344

Total available-for-sale
$
6,045,828

 
$
1,557

 
$
6,047,385

 
$
64,131

 
$
(70,567
)
 
$
6,040,949

Trading:
 
 
 
 
 

 
 

 
 

 
 

USDA Securities
$
27,129

 
$
1,934

 
$
29,063

 
$
125

 
$
(213
)
 
$
28,975


 
As of December 31, 2014
 
Unpaid Principal Balance
 
Unamortized Premium/(Discount)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
(in thousands)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
AgVantage
$
1,785,340

 
$
9,280

 
$
1,794,620

 
$
6,211

 
$
(255
)
 
$
1,800,576

Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
AgVantage
$
3,625,073

 
$
—

 
$
3,625,073

 
$
36,442

 
$
(29,853
)
 
$
3,631,662

Farmer Mac Guaranteed USDA Securities
27,831

 
(442
)
 
27,389

 
237

 
(7
)
 
27,619

Total Farmer Mac Guaranteed Securities
3,652,904

 
(442
)
 
3,652,462

 
36,679

 
(29,860
)
 
3,659,281

USDA Securities
1,717,813

 
3,162

 
1,720,975

 
11,850

 
(1,603
)
 
1,731,222

Total available-for-sale
$
5,370,717

 
$
2,720

 
$
5,373,437

 
$
48,529

 
$
(31,463
)
 
$
5,390,503

Trading:
 
 
 
 
 

 
 

 
 

 
 

USDA Securities
$
38,412

 
$
2,748

 
$
41,160

 
$
114

 
$
(964
)
 
$
40,310


As of December 31, 2015 and 2014, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

Table 5.2

 
As of December 31, 2015
 
Available-for-Sale Securities
 
Unrealized loss position for
less than 12 months
 
Unrealized loss position for
more than 12 months
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
(in thousands)
Available-for-sale:
 
 
 
 
 
 
 
AgVantage
$
1,193,866

 
$
(41,835
)
 
$
1,104,981

 
$
(28,704
)
USDA Securities
—

 
—

 
103,010

 
(28
)
Total available-for-sale
$
1,193,866

 
$
(41,835
)

$
1,207,991


$
(28,732
)


 
As of December 31, 2014
 
Held-to-Maturity and Available-for-Sale Securities
 
Unrealized loss position for
less than 12 months
 
Unrealized loss position for
more than 12 months
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
(in thousands)
Held-to-maturity:
 
 
 
 
 
 
 
AgVantage
$
547

 
$
(1
)
 
$
49,745

 
$
(254
)
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
AgVantage
$
685,131

 
$
(13,115
)
 
$
1,460,089

 
$
(16,738
)
Farmer Mac Guaranteed USDA Securities
3,720

 
(7
)
 
—

 
—

USDA Securities
264,375

 
(1,549
)
 
97,817

 
(54
)
Total available-for-sale
$
953,226

 
$
(14,671
)
 
$
1,557,906

 
$
(16,792
)

The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to December 31, 2015 and 2014, as applicable. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 22 available-for-sale securities as of December 31, 2015. There were no unrealized losses from held-to-maturity AgVantage securities as of December 31, 2015. The unrealized losses from AgVantage securities were on 2 held-to-maturity securities and 23 available-for-sale securities as of December 31, 2014. As of December 31, 2015, 8 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $28.7 million. As of December 31, 2014, 15 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $16.7 million. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and available-for-sale Farmer Mac Guaranteed Securities and USDA Securities are other-than-temporary impairment as of either December 31, 2015 or 2014.  Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis.

During 2015, 2014, and 2013, Farmer Mac realized no gains or losses from the sale of Farmer Mac Guaranteed Securities and USDA Securities.

The amortized cost, fair value, and weighted average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2015 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 5.3

 
As of December 31, 2015
 
Available-for-Sale Securities
 
Amortized
Cost
 
Fair Value
 
Weighted-
Average
Yield
 
(dollars in thousands)
Due within one year
$
667,704

 
$
668,996

 
2.54
%
Due after one year through five years
1,593,602

 
1,597,710

 
1.42
%
Due after five years through ten years
1,292,198

 
1,299,302

 
1.97
%
Due after ten years
2,493,881

 
2,474,941

 
2.52
%
Total
$
6,047,385

 
$
6,040,949

 
2.11
%

 
As of December 31, 2015
 
Held-to-Maturity Securities
 
Amortized
Cost
 
Fair Value
 
Weighted-
Average
Yield
 
(dollars in thousands)
Due within one year
$
680,330

 
$
680,956

 
2.27
%
Due after one year through five years
593,686

 
600,861

 
2.23
%
Total
$
1,274,016

 
$
1,281,817

 
2.25
%


As of December 31, 2015, Farmer Mac owned trading USDA Securities with an amortized cost of $29.1 million, a fair value of $29.0 million, and a weighted average yield of 5.53 percent. As of December 31, 2014, Farmer Mac owned trading USDA Securities with an amortized cost of $41.2 million, a fair value of $40.3 million, and a weighted average yield of 5.60 percent.