FEDERAL AGRICULTURAL MORTGAGE CORP - 10-K filing on 2016-03-10

Notes Payable - Notes Payable (Tables)

12 Months Ended

Dec. 31, 2015

The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2015 and 2014:

Table 7.1



	December 31, 2015
	Outstanding as of December 31				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	6,642,560	0.32	%	$	5,251,081	0.22	%
Medium-term notes	595,991		0.38	%	761,998		0.25	%
Current portion of long-term notes	1,872,910		1.05	%
Total due within one year	$	9,111,461	0.48	%
Due after one year:
Medium-term notes due in:
2017	$	1,200,558	1.02	%
2018	1,539,264		0.85	%
2019	520,284		1.73	%
2020	529,567		1.68	%
Thereafter	1,177,363		3.05	%
Total due after one year	4,967,036		1.59	%
Total	$	14,078,497	0.87	%



	December 31, 2014
	Outstanding as of December 31				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	4,925,828	0.11	%	$	4,059,708	0.15	%
Medium-term notes	754,988		0.17	%	532,621		0.15	%
Current portion of long-term notes	1,673,137		0.98	%
	$	7,353,953	0.32	%
Due after one year:
Medium-term notes due in:
2016	$	1,569,961	1.16	%
2017	1,219,192		0.90	%
2018	682,224		1.28	%
2019	872,576		1.42	%
Thereafter	1,127,233		3.09	%
Total due after one year	5,471,186		1.56	%
Total	$	12,825,139	0.85	%

The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2015 and 2014 was $6.7 billion and $4.9 billion, respectively.

Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2016 as of December 31, 2015:

Table 7.2



Debt Callable in 2016 as of December 31, 2015
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2017	$	103,977	0.77	%
2018	801,930		0.43	%
2019	—		—	%
2020	179,803		1.90	%
Thereafter	219,333		2.59	%
Total	$	1,305,043	1.02	%

Schedule of Long-term Debt Instruments [Table Text Block]

Table 7.2



Debt Callable in 2016 as of December 31, 2015
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2017	$	103,977	0.77	%
2018	801,930		0.43	%
2019	—		—	%
2020	179,803		1.90	%
Thereafter	219,333		2.59	%
Total	$	1,305,043	1.02	%

The following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2015, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

Table 7.3



	Earliest Interest Rate Reset Date of Borrowings Outstanding
	Amount		Weighted-Average Rate
	(dollars in thousands)
Debt with interest rate resets in:
2016	$	10,560,504	0.55%
2017	1,071,581		1.06%
2018	737,333		1.32%
2019	520,284		1.73%
2020	298,764		1.76%
Thereafter	890,031		3.34%
Total	$	14,078,497	0.87%

During 2015 and 2014, Farmer Mac called $2.4 billion and $0.5 billion of callable medium-term notes, respectively.