%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.75 680.00 Td ( ) Tj ET Q /GS0 gs q 270.00 0 0 69.00 172.25 680.00 cm /I1 Do Q BT /F1 10.00 Tf ET BT /F2 20.00 Tf ET q 0 0 0 rg BT 159.55 644.00 Td (Farmer) Tj ET Q q 0 0 0 rg BT 224.70 644.00 Td ( Mac Reports 2016 Results) Tj ET Q BT /F2 20.00 Tf ET q 0 0 0 rg BT 160.85 614.00 Td (and ) Tj ET Q q 0 0 0 rg BT 196.99 614.00 Td (Announces Dividend Incr) Tj ET Q q 0 0 0 rg BT 415.57 614.00 Td (ease) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 146.70 591.20 Td (Record Outstanding Business ) Tj ET Q q 0 0 0 rg BT 326.54 591.20 Td (V) Tj ET Q q 0 0 0 rg BT 335.37 591.20 Td (olume of $17.4 Billion) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 557.40 Td (W) Tj ET Q q 0 0 0 rg BT 95.50 557.40 Td (ASHINGT) Tj ET Q q 0 0 0 rg BT 147.94 557.40 Td (ON, March 9, 2017) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 241.59 557.40 Td () Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 253.59 557.40 Td ( ) Tj ET Q q 0 0 0 rg BT 256.38 557.40 Td (The Federal ) Tj ET Q q 0 0 0 rg BT 316.35 557.40 Td (Agricultural Mortgage Corporation \(Farmer Mac; ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 529.55 Td (NYSE: ) Tj ET Q q 0 0 0 rg BT 86.51 529.55 Td (AGM and ) Tj ET Q q 0 0 0 rg BT 137.17 529.55 Td (AGM.A\) today announced its results for the fiscal quarter and year ended December 31, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 501.70 Td (2016, which included $1.5 billion in net new business volume growth in 2016 that brought total ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 473.85 Td (outstanding business volume to $17.4 billion as of December 31, 2016. Farmer Mac's net income ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 446.00 Td (attributable to common stockholders for 2016 was $64.2 million \($5.97 per diluted common share\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 418.20 Td (compared to $47.4 million \($4.19 per diluted common share\) in 2015. Farmer Mac's 2016 core earnings, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 390.35 Td (a non-GAAP) Tj ET Q q 0 0 0 rg BT 112.05 390.35 Td ( measure, were $53.8 million \($5.01 per diluted common share\), compared to $47.0 million ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 362.50 Td (\($4.15 per diluted common share\) in 2015. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 334.65 Td (Farmer Mac's board of directors also approved an increase in the quarterly dividend on all classes ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 306.85 Td (of Farmer Mac's common stock to $0.36 per share beginning in first quarter 2017. ) Tj ET Q q 0 0 0 rg BT 449.02 306.85 Td (This quarter's dividend ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 279.00 Td (amount represents a 38 percent increase over the $0.26 per share amount paid in each quarter during 2016 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 251.15 Td (and is consistent with Farmer Mac's common stock dividend policy announced in March 2016, which has ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 223.30 Td (a goal of increasing the common dividend payout ratio of core earnings to approximately 30 percent over ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 195.45 Td (time.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 167.65 Td ("Our 2016 results reflect another strong year for Farmer Mac," said President and Chief Executive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 139.80 Td (Of) Tj ET Q q 0 0 0 rg BT 61.95 139.80 Td (ficer ) Tj ET Q q 0 0 0 rg BT 86.71 139.80 Td (T) Tj ET Q q 0 0 0 rg BT 93.62 139.80 Td (im Buzby) Tj ET Q q 0 0 0 rg BT 139.83 139.80 Td (. "W) Tj ET Q q 0 0 0 rg BT 164.10 139.80 Td (e achieved record outstanding business volume of $17.4 billion and 14.5 percent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 111.95 Td (core earnings growth. Our credit quality is showing signs of normalization in some metrics, which we ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (have been anticipating as part of the agricultural credit cycle, but is within our expectations and remains ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (near historically favorable levels. Last year we increased our common stock dividend 63 percent, and ) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (with our 38 percent increase this year we believe we are on track to reach our tar) Tj ET Q q 0 0 0 rg BT 439.44 740.70 Td (geted 30 percent core ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (earnings payout for the 2018 year) Tj ET Q q 0 0 0 rg BT 210.45 712.85 Td (. Farmer Mac has increased its quarterly common stock dividend each ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (of the past six years, and we believe these increases are supported by our earnings potential and overall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (capital position and are representative of Farmer Mac) Tj ET Q q 0 0 0 rg BT 309.73 657.20 Td (s commitment to enhancing shareholder value over ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 629.35 Td (the long-term. ) Tj ET Q q 0 0 0 rg BT 123.26 629.35 Td (W) Tj ET Q q 0 0 0 rg BT 133.63 629.35 Td (e are also proud of the way we have positioned Farmer Mac for continued success in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 601.50 Td (future, as over the past several years we have brought in new personnel to fill key positions, created new ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 573.65 Td (positions, and significantly expanded our investment in the technology and capacity to better grow our ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 545.80 Td (business and more fully deliver upon our mission.") Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 516.1220703125 m 96.181640625 516.1220703125 l s q 0 0 0 rg BT 49.50 518.00 Td (Earnings) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 490.15 Td (Farmer Mac's net income attributable to common stockholders for 2016 was $64.2million \($5.97 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 462.30 Td (per diluted common share\), compared to $47.4 million \($4.19 per diluted common share\) for 2015. ) Tj ET Q q 0 0 0 rg BT 530.50 462.30 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 434.45 Td ($16.8 million increase in net income attributable to common stockholders from 2016 compared to 2015 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 406.60 Td (was driven by an increase of $9.4 million after) Tj ET Q q 0 0 0 rg BT 272.85 406.60 Td (-tax in net interest income and the ef) Tj ET Q q 0 0 0 rg BT 448.24 406.60 Td (fects of unrealized fair ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 378.80 Td (value changes on financial derivatives and hedged assets, which was a $8.9 million after) Tj ET Q q 0 0 0 rg BT 473.46 378.80 Td (-tax gain in 2016 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 350.95 Td (compared to a $7.1 million after) Tj ET Q q 0 0 0 rg BT 203.88 350.95 Td (-tax gain in 2015. ) Tj ET Q q 0 0 0 rg BT 293.87 350.95 Td (Also contributing to the increase was the absence in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (2016 of \(1\) an $8.1 million \($6.2 million after) Tj ET Q q 0 0 0 rg BT 269.89 323.10 Td (-tax\) loss recorded in first quarter 2015 resulting from the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (write-of) Tj ET Q q 0 0 0 rg BT 87.93 295.25 Td (f of deferred issuance costs upon the redemption of the Farmer Mac II LLC Preferred Stock on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 267.40 Td (March 30, 2015; and \(2\) $3.5 million after) Tj ET Q q 0 0 0 rg BT 252.88 267.40 Td (-tax in dividend expense recorded during first quarter 2015 on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 239.60 Td (that preferred stock. ) Tj ET Q q 0 0 0 rg BT 151.57 239.60 Td (The increase was of) Tj ET Q q 0 0 0 rg BT 246.97 239.60 Td (fset in part by a $3.1 million after) Tj ET Q q 0 0 0 rg BT 408.02 239.60 Td (-tax increase in non-interest ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 211.75 Td (expense driven primarily by higher general and administrative \("G&A"\) expenses, higher compensation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 183.90 Td (and employee benefits expenses, and a decrease in the release of reserve for losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.05 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 156.05 Td (Core earnings in 2016 were $53.8 million \($5.01 per diluted common share\), compared to $47.0 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 128.20 Td (million \($4.15 per diluted common share\) in 2015. ) Tj ET Q q 0 0 0 rg BT 298.24 128.20 Td (The $6.8 million increase in core earnings was ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 100.40 Td (primarily attributable to higher total revenues, which included a $3.7 million after) Tj ET Q q 0 0 0 rg BT 442.14 100.40 Td (-tax increase in net ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 72.55 Td (ef) Tj ET Q q 0 0 0 rg BT 58.61 72.55 Td (fective spread, a non-GAAP) Tj ET Q q 0 0 0 rg BT 194.12 72.55 Td ( measure, a $1.3 million after) Tj ET Q q 0 0 0 rg BT 334.83 72.55 Td (-tax increase in guarantee and commitment fee ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (income, and a $0.4 million after) Tj ET Q q 0 0 0 rg BT 202.88 740.70 Td (-tax decrease in hedging costs. ) Tj ET Q q 0 0 0 rg BT 358.17 740.70 Td (Also contributing to the increase was a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td ($3.5 million after) Tj ET Q q 0 0 0 rg BT 132.91 712.85 Td (-tax decrease in preferred dividend expense resulting from the redemption of all ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (outstanding shares of Farmer Mac II LLC Preferred Stock in first quarter 2015. ) Tj ET Q q 0 0 0 rg BT 435.51 685.00 Td (The increase in core ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (earnings in 2016 was of) Tj ET Q q 0 0 0 rg BT 163.93 657.20 Td (fset in part by several factors. Credit-related expenses increased $0.5 million ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 629.35 Td (after) Tj ET Q q 0 0 0 rg BT 71.24 629.35 Td (-tax resulting from net provisions to the allowance for losses of $0.6 million after) Tj ET Q q 0 0 0 rg BT 461.58 629.35 Td (-tax in 2016 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 601.50 Td (compared to net provisions of $0.1 million after) Tj ET Q q 0 0 0 rg BT 279.21 601.50 Td (-tax in 2015. Operating expenses also increased by $1.8 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 573.65 Td (million after) Tj ET Q q 0 0 0 rg BT 108.91 573.65 Td (-tax, driven by higher G&A) Tj ET Q q 0 0 0 rg BT 241.88 573.65 Td ( expenses and higher compensation and benefits expenses. ) Tj ET Q q 0 0 0 rg BT 528.25 573.65 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 545.80 Td ($1.3 million after) Tj ET Q q 0 0 0 rg BT 132.91 545.80 Td (-tax increase in G&A) Tj ET Q q 0 0 0 rg BT 235.21 545.80 Td ( expenses was primarily attributable to higher consulting fees and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 518.00 Td (information services expenses related to corporate strategic initiatives, continued technology and business ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 490.15 Td (infrastructure investments, and expenses related to business development ef) Tj ET Q q 0 0 0 rg BT 412.84 490.15 Td (forts. ) Tj ET Q q 0 0 0 rg BT 443.62 490.15 Td (The $0.5 million after) Tj ET Q q 0 0 0 rg BT 548.68 490.15 Td (-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 462.30 Td (tax increase in compensation and benefits expenses was primarily due to an increase in headcount and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 434.45 Td (employee health insurance costs. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 406.60 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 406.60 Td (Farmer Mac's net income attributable to common stockholders for fourth quarter 2016 was $25.5 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 378.80 Td (million \($2.38 per diluted common share\), compared to $15.0 million \($1.35 per diluted common share\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 350.95 Td (for fourth quarter 2015. ) Tj ET Q q 0 0 0 rg BT 168.58 350.95 Td (The $10.5 million increase in net income attributable to common stockholders ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (from fourth quarter 2016 compared to fourth quarter 2015 was driven primarily by the ef) Tj ET Q q 0 0 0 rg BT 475.82 323.10 Td (fects of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (unrealized fair value changes on financial derivatives and hedged assets, which was a $1) Tj ET Q q 0 0 0 rg BT 474.22 295.25 Td (1.2 million after) Tj ET Q q 0 0 0 rg BT 551.63 295.25 Td (-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 267.40 Td (tax gain in fourth quarter 2016 compared to a $1.8 million after) Tj ET Q q 0 0 0 rg BT 353.84 267.40 Td (-tax gain in fourth quarter 2015.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 239.60 Td (Core earnings in fourth quarter 2016 were $13.9 million \($1.30 per diluted common share\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 211.75 Td (compared to $13.1 million \($1.17 per diluted common share\) in fourth quarter 2015. ) Tj ET Q q 0 0 0 rg BT 460.19 211.75 Td (The $0.8 million ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 183.90 Td (increase in core earnings was primarily due to a $2.5 million after) Tj ET Q q 0 0 0 rg BT 365.15 183.90 Td (-tax increase in total revenues, which ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 156.05 Td (was led by a $1.3 million after) Tj ET Q q 0 0 0 rg BT 195.56 156.05 Td (-tax increase in net ef) Tj ET Q q 0 0 0 rg BT 298.62 156.05 Td (fective spread. ) Tj ET Q q 0 0 0 rg BT 374.36 156.05 Td (The increase was of) Tj ET Q q 0 0 0 rg BT 469.76 156.05 Td (fset in part by a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 128.20 Td ($0.3 million after) Tj ET Q q 0 0 0 rg BT 132.91 128.20 Td (-tax increase in credit costs, a $0.7 million after) Tj ET Q q 0 0 0 rg BT 361.25 128.20 Td (-tax increase in G&A) Tj ET Q q 0 0 0 rg BT 463.55 128.20 Td ( expenses, and a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 100.40 Td ($0.4 million after) Tj ET Q q 0 0 0 rg BT 132.91 100.40 Td (-tax increase in compensation and benefits expenses. ) Tj ET Q q 0 0 0 rg BT 392.27 100.40 Td (The increases in G&A) Tj ET Q q 0 0 0 rg BT 499.24 100.40 Td ( expenses ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (and compensation and benefits expenses for fourth quarter 2016 were attributable to the same factors ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (described above that af) Tj ET Q q 0 0 0 rg BT 160.23 712.85 Td (fected full year 2016.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 685.00 Td (See "Use of Non-GAAP) Tj ET Q q 0 0 0 rg BT 202.27 685.00 Td ( Measures" below for more information about core earnings, core earnings ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (per share, and net ef) Tj ET Q q 0 0 0 rg BT 146.23 657.20 Td (fective spread and for a reconciliation of the comparable GAAP) Tj ET Q q 0 0 0 rg BT 452.66 657.20 Td ( measures to these ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 629.35 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 103.72 629.35 Td ( measures.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 593.6220703125 m 191.548828125 593.6220703125 l s q 0 0 0 rg BT 49.50 595.50 Td (Business ) Tj ET Q q 0 0 0 rg BT 96.30 595.50 Td (V) Tj ET Q q 0 0 0 rg BT 103.87 595.50 Td (olume Highlights) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 191.55 595.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 561.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 561.65 Td (During 2016, Farmer Mac added $4.4 billion of new business volume, with purchases of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 533.80 Td (AgV) Tj ET Q q 0 0 0 rg BT 71.50 533.80 Td (antage securities, Farm& Ranch loans, and Rural Utilities loans under long-term standby purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 506.00 Td (commitments \("L) Tj ET Q q 0 0 0 rg BT 132.95 506.00 Td (TSPCs"\) driving the volume growth. Specifically) Tj ET Q q 0 0 0 rg BT 372.04 506.00 Td (, Farmer Mac:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 464.20 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 464.20 Td (purchased $2.1 billion of ) Tj ET Q q 0 0 0 rg BT 225.81 464.20 Td (AgV) Tj ET Q q 0 0 0 rg BT 247.82 464.20 Td (antage securities, including $68.4 million in Farm Equity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 443.35 Td (AgV) Tj ET Q q 0 0 0 rg BT 125.50 443.35 Td (antage securities; ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 422.45 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 422.45 Td (purchased $966.0 million of newly originated Farm & Ranch loans;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 401.60 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 401.60 Td (added $441.4 million of Rural Utilities loans under L) Tj ET Q q 0 0 0 rg BT 358.03 401.60 Td (TSPCs; ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 380.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 380.70 Td (added $399.1 million of Farm & Ranch loans under L) Tj ET Q q 0 0 0 rg BT 361.02 380.70 Td (TSPCs;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 359.80 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 359.80 Td (purchased $375.2 million of USDA) Tj ET Q q 0 0 0 rg BT 273.82 359.80 Td ( Securities; ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 338.95 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 338.95 Td (issued $106.1 million of Farmer Mac Guaranteed USDA) Tj ET Q q 0 0 0 rg BT 375.45 338.95 Td ( Securities; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 318.05 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 318.05 Td (purchased $50.5 million of Rural Utilities loans.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 284.20 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 284.20 Td (After $2.9 billion of maturities and principal paydowns on existing business during 2016, which ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 256.40 Td (included over $1.5 billion in scheduled maturities of ) Tj ET Q q 0 0 0 rg BT 303.12 256.40 Td (AgV) Tj ET Q q 0 0 0 rg BT 325.12 256.40 Td (antage securities, Farmer Mac's outstanding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 228.55 Td (business volume increased by $1.5billion from December 31, 2015 to $17.4billion as of December 31, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 200.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 82.28 200.70 Td (The increase in Farmer Mac's outstanding business volume was driven by broad-based net portfolio ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 172.85 Td (growth across most of Farmer Mac's products and lines of business. ) Tj ET Q q 0 0 0 rg BT 380.39 172.85 Td (The increase in ) Tj ET Q q 0 0 0 rg BT 456.02 172.85 Td (AgV) Tj ET Q q 0 0 0 rg BT 478.03 172.85 Td (antage securities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 145.00 Td (was primarily driven by net portfolio growth from two long-standing issuers: \(1\) Rabo ) Tj ET Q q 0 0 0 rg BT 467.10 145.00 Td (Agrifinance, Inc. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 117.20 Td (and \(2\) National Rural Utilities Cooperative Finance Corporation \("CFC"\), which increased their ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 89.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 107.84 89.35 Td (AgV) Tj ET Q q 0 0 0 rg BT 129.84 89.35 Td (antage business volume with Farmer Mac by $300.0 million and $210.1 million, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 106.69 61.50 Td (, in 2016. ) Tj ET Q q 0 0 0 rg BT 157.81 61.50 Td (The new business volume in the Institutional Credit line of business also included ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (the purchase of two $500.0 million ) Tj ET Q q 0 0 0 rg BT 219.81 740.70 Td (AgV) Tj ET Q q 0 0 0 rg BT 241.81 740.70 Td (antage securities from Metropolitan Life Insurance Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (\("MetLife"\). MetLife used the proceeds from Farmer Mac's purchase of each of the $500.0 million ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (AgV) Tj ET Q q 0 0 0 rg BT 71.50 685.00 Td (antage securities to refinance ) Tj ET Q q 0 0 0 rg BT 213.43 685.00 Td (AgV) Tj ET Q q 0 0 0 rg BT 235.44 685.00 Td (antage securities of the same amount that matured in first quarter ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (2016 and third quarter 2016, respectively) Tj ET Q q 0 0 0 rg BT 246.66 657.20 Td (. Farmer Mac also purchased ) Tj ET Q q 0 0 0 rg BT 390.95 657.20 Td (AgV) Tj ET Q q 0 0 0 rg BT 412.95 657.20 Td (antage securities of $68.4 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 629.35 Td (million in 2016 under Farm Equity ) Tj ET Q q 0 0 0 rg BT 219.49 629.35 Td (AgV) Tj ET Q q 0 0 0 rg BT 241.49 629.35 Td (antage facilities with agricultural real estate investment funds, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 601.50 Td (compared to $99.1 million in 2015.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 565.7720703125 m 90.626953125 565.7720703125 l s q 0 0 0 rg BT 49.50 567.65 Td (Spr) Tj ET Q q 0 0 0 rg BT 67.96 567.65 Td (eads) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 533.80 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 533.80 Td (Net interest income was $140.3 million in 2016, compared to $125.8 million in 2015. In ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 506.00 Td (percentage terms, net interest income for 2016 was 0.90 percent, compared to 0.88 percent in 2015. ) Tj ET Q q 0 0 0 rg BT 532.45 506.00 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 478.15 Td ($14.5 million year) Tj ET Q q 0 0 0 rg BT 137.58 478.15 Td (-over) Tj ET Q q 0 0 0 rg BT 162.66 478.15 Td (-year increase was due to several factors. One factor was the impact of an increase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 450.30 Td (in short-term interest rates on assets and liabilities indexed to LIBOR due to the Federal Reserve's ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 422.45 Td (decision to raise the tar) Tj ET Q q 0 0 0 rg BT 160.58 422.45 Td (get range for the federal funds rate in fourth quarter 2015. ) Tj ET Q q 0 0 0 rg BT 443.91 422.45 Td (This ef) Tj ET Q q 0 0 0 rg BT 477.35 422.45 Td (fect on net ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 394.60 Td (interest income occurred because interest expense used to calculate net interest income does not include ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 366.80 Td (all the funding expenses related to these assets, specifically the expense on financial derivatives not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 338.95 Td (designated in hedge accounting relationships. ) Tj ET Q q 0 0 0 rg BT 273.56 338.95 Td (This increase in short-term rates on assets and liabilities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (indexed to LIBOR did not have a similar ef) Tj ET Q q 0 0 0 rg BT 257.90 311.10 Td (fect on net ef) Tj ET Q q 0 0 0 rg BT 320.65 311.10 Td (fective spread as described below because net ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 283.25 Td (ef) Tj ET Q q 0 0 0 rg BT 58.61 283.25 Td (fective spread includes interest expense from all funding related to such assets, including interest ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 255.40 Td (expense from financial derivatives not designated in hedge accounting relationships. ) Tj ET Q q 0 0 0 rg BT 460.04 255.40 Td (Another factor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 227.60 Td (contributing to the year) Tj ET Q q 0 0 0 rg BT 161.56 227.60 Td (-over) Tj ET Q q 0 0 0 rg BT 186.64 227.60 Td (-year increase in net interest income was an increase in the average ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 199.75 Td (outstanding balance of Farm & Ranch loans, USDA) Tj ET Q q 0 0 0 rg BT 298.79 199.75 Td ( Securities, and ) Tj ET Q q 0 0 0 rg BT 374.78 199.75 Td (AgV) Tj ET Q q 0 0 0 rg BT 396.78 199.75 Td (antage securities. ) Tj ET Q q 0 0 0 rg BT 481.75 199.75 Td (Also ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 171.90 Td (contributing to the increase were \(1\) lower net yield adjustments related to amortization of premiums and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 144.05 Td (discounts on assets consolidated at fair value driven by slower prepayments on those assets and \(2\) an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 116.20 Td (increase in the net ef) Tj ET Q q 0 0 0 rg BT 148.56 116.20 Td (fect of consolidated trusts due to an increase in securitization activity of Farm & ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 88.40 Td (Ranch loans during 2016. Farmer Mac earns the dif) Tj ET Q q 0 0 0 rg BT 296.88 88.40 Td (ference between the interest income recognized on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 60.55 Td (loans in consolidated trusts and the related interest expense recognized on debt securities of consolidated ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (trusts held by third parties. ) Tj ET Q q 0 0 0 rg BT 180.60 740.70 Td (The increase was of) Tj ET Q q 0 0 0 rg BT 276.00 740.70 Td (fset in part by \(1\) higher net yield adjustments from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (amortization of purchase premiums on certain Farm & Ranch loans and \(2\) a tighter spread on a lar) Tj ET Q q 0 0 0 rg BT 526.13 712.85 Td (ge ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (AgV) Tj ET Q q 0 0 0 rg BT 71.50 685.00 Td (antage security that was refinanced in first quarter 2016 at a shorter maturity than the original ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (security) Tj ET Q q 0 0 0 rg BT 86.71 657.20 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 623.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 623.35 Td (Farmer Mac's net ef) Tj ET Q q 0 0 0 rg BT 181.07 623.35 Td (fective spread, a non-GAAP) Tj ET Q q 0 0 0 rg BT 316.58 623.35 Td ( measure, was $125.1 million in 2016, compared ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 595.50 Td (to $1) Tj ET Q q 0 0 0 rg BT 73.39 595.50 Td (19.4 million in 2015. In percentage terms, net ef) Tj ET Q q 0 0 0 rg BT 307.78 595.50 Td (fective spread for 2016 was 0.86 percent, compared ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 567.65 Td (to 0.87 percent in 2015. Farmer Mac uses net ef) Tj ET Q q 0 0 0 rg BT 278.88 567.65 Td (fective spread as an alternative measure to net interest ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 539.80 Td (income because management believes it is a useful metric that accurately reflects the economics of the net ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 512.00 Td (spread between all the assets owned by Farmer Mac and all related funding, including any associated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 484.15 Td (derivatives, some of which may not be reflected in net interest income under GAAP) Tj ET Q q 0 0 0 rg BT 451.38 484.15 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 450.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 450.30 Td (For 2016 compared to 2015, the contraction in net ef) Tj ET Q q 0 0 0 rg BT 338.55 450.30 Td (fective spread in percentage terms was ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 422.45 Td (primarily due to \(1\) a higher average balance in lower) Tj ET Q q 0 0 0 rg BT 308.14 422.45 Td (-earning investment securities in 2016 compared to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 394.60 Td (2015, \(2\) a tighter spread on a lar) Tj ET Q q 0 0 0 rg BT 209.23 394.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 222.89 394.60 Td (AgV) Tj ET Q q 0 0 0 rg BT 244.89 394.60 Td (antage security that was refinanced in first quarter 2016 at a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 366.80 Td (shorter maturity than the original security) Tj ET Q q 0 0 0 rg BT 248.33 366.80 Td (, and \(3\) higher net yield adjustments from amortization of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 338.95 Td (purchase premiums on certain Farm & Ranch loans in 2016 compared to 2015. ) Tj ET Q q 0 0 0 rg BT 434.19 338.95 Td (The contraction was of) Tj ET Q q 0 0 0 rg BT 544.27 338.95 Td (fset ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (in part by a lower average balance in cash and cash equivalents primarily during the second half of 2016. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 283.25 Td (The year) Tj ET Q q 0 0 0 rg BT 91.56 283.25 Td (-over) Tj ET Q q 0 0 0 rg BT 116.64 283.25 Td (-year increase in dollars was attributable to growth in outstanding business volume.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 249.40 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 249.40 Td ( Net interest income was $36.7 million \(0.95 percent\) in fourth quarter 2016, compared to $31.0 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 221.60 Td (million \(0.84 percent\) in fourth quarter 2015. ) Tj ET Q q 0 0 0 rg BT 271.89 221.60 Td (The $5.7 million year) Tj ET Q q 0 0 0 rg BT 375.63 221.60 Td (-over) Tj ET Q q 0 0 0 rg BT 400.71 221.60 Td (-year increase in fourth quarter ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 193.75 Td (2016 net interest income was driven primarily by the same factors described above that contributed to full ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 165.90 Td (year 2016 growth in net interest income as compared to full year 2015.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 132.05 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 132.05 Td (Net ef) Tj ET Q q 0 0 0 rg BT 114.93 132.05 Td (fective spread was $31.9 million \(0.89 percent\) in fourth quarter 2016, compared to $29.9 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 104.20 Td (million \(0.85 percent\) in fourth quarter 2015. ) Tj ET Q q 0 0 0 rg BT 271.89 104.20 Td (The increase in percentage terms in fourth quarter 2016 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 76.40 Td (compared to fourth quarter 2015 was primarily attributable to a reduction in Farmer Mac's cash and cash ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 48.55 Td (equivalents balances and improvements in LIBOR-based funding costs. ) Tj ET Q q 0 0 0 rg BT 399.21 48.55 Td (The increase was of) Tj ET Q q 0 0 0 rg BT 494.61 48.55 Td (fset in part by ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (an increase in the size of Farmer Mac's liquidity investment portfolio. ) Tj ET Q q 0 0 0 rg BT 389.69 740.70 Td (The year) Tj ET Q q 0 0 0 rg BT 431.75 740.70 Td (-over) Tj ET Q q 0 0 0 rg BT 456.83 740.70 Td (-year increase in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (dollar terms in fourth quarter 2016 was primarily attributable to growth in outstanding business volume ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (and improvements in LIBOR-based funding costs.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 649.3220703125 m 124.27734375 649.3220703125 l s q 0 0 0 rg BT 49.50 651.20 Td (Cr) Tj ET Q q 0 0 0 rg BT 63.28 651.20 Td (edit Quality) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 124.28 651.20 Td () Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 617.35 Td (In the Farm & Ranch portfolio, 90-day delinquencies were $21.0 million \(0.34 percent of the Farm ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 589.50 Td (& Ranch portfolio\) as of December 31, 2016, compared to $32.1 million \(0.56 percent\) as of December ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 561.65 Td (31, 2015. ) Tj ET Q q 0 0 0 rg BT 100.28 561.65 Td (The decrease in Farmer Mac's 90-day delinquencies as a percentage of its Farm & Ranch ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 533.80 Td (portfolio during 2016 primarily related to \(1\) the workout in January 2016 of two ) Tj ET Q q 0 0 0 rg BT 442.09 533.80 Td (Agricultural Storage and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 506.00 Td (Processing loans that financed one canola facility and \(2\) Farmer Mac's receipt of $6.0million to pay of) Tj ET Q q 0 0 0 rg BT 548.63 506.00 Td (f ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 478.15 Td (two long-standing delinquent timber loans with the same borrower) Tj ET Q q 0 0 0 rg BT 368.77 478.15 Td (. Farmer Mac expects that over time its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 450.30 Td (90-day delinquency rate will eventually revert closer to Farmer Mac's historical average due to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 422.45 Td (macroeconomic factors and the cyclical nature of the agricultural economy) Tj ET Q q 0 0 0 rg BT 408.22 422.45 Td (, but Farmer Mac has not yet ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 394.60 Td (seen an impact on its portfolio or a rise in delinquencies related to these factors. Farmer Mac's average ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 366.80 Td (90-day delinquency rate for the Farm & Ranch line of business over the last fifteen years is approximately ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 338.95 Td (one percent.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 305.10 Td (For Farmer Mac's other lines of business, there are currently no delinquent ) Tj ET Q q 0 0 0 rg BT 445.90 305.10 Td (AgV) Tj ET Q q 0 0 0 rg BT 467.90 305.10 Td (antage securities or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 277.25 Td (Rural Utilities loans held or underlying L) Tj ET Q q 0 0 0 rg BT 247.03 277.25 Td (TSPCs, and USDA) Tj ET Q q 0 0 0 rg BT 338.72 277.25 Td ( Securities are backed by the full faith and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 249.40 Td (credit of the United States. ) Tj ET Q q 0 0 0 rg BT 183.13 249.40 Td (As a result, across all of Farmer Mac's lines of business, 90-day delinquencies ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 221.60 Td (represented 0.12 percent of total business volume as of December 31, 2016, compared to 0.20 percent as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 193.75 Td (of December 31, 2015.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 159.90 Td (Another indicator that Farmer Mac considers in analyzing the credit quality of its Farm & Ranch ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 132.05 Td (portfolio is the level of internally-rated "substandard" assets, both in dollars and as a percentage of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 104.20 Td (outstanding Farm & Ranch portfolio. ) Tj ET Q q 0 0 0 rg BT 233.15 104.20 Td (Assets categorized as "substandard" have a well-defined weakness ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 76.40 Td (or weaknesses, and there is a distinct possibility that some loss will be sustained if deficiencies are not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 48.55 Td (corrected. ) Tj ET Q q 0 0 0 rg BT 102.47 48.55 Td (As of December31, 2016, Farmer Mac's substandard assets were $165.2 million \(2.7 percent ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (of the Farm& Ranch portfolio\), compared to $104.5 million \(1.8 percent of the Farm& Ranch portfolio\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (as of December31, 2015. ) Tj ET Q q 0 0 0 rg BT 178.58 712.85 Td (Those substandard assets were comprised of 287 loans as of December31, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (2016, compared to 234 loans as of December 31, 2015. Of the $60.7 million year) Tj ET Q q 0 0 0 rg BT 442.17 685.00 Td (-over) Tj ET Q q 0 0 0 rg BT 467.24 685.00 Td (-year increase in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (substandard assets in the Farm & Ranch portfolio, Farmer Mac believes that approximately two-thirds of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 629.35 Td (the increase suggests a modest deterioration in the agricultural credit environment likely resulting from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 601.50 Td (lower farm incomes and declining land values in some regions due to lower prices for certain ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 573.65 Td (commodities. Specifically) Tj ET Q q 0 0 0 rg BT 174.02 573.65 Td (, lower prices for feed grains and oilseeds in the Midwest region were the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 545.80 Td (primary drivers of the deterioration. Farmer Mac expects that over time its substandard asset rate will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 518.00 Td (eventually revert closer to Farmer Mac's historical average due to macroeconomic factors and the cyclical ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 490.15 Td (nature of the agricultural economy) Tj ET Q q 0 0 0 rg BT 214.65 490.15 Td (. ) Tj ET Q q 0 0 0 rg BT 222.99 490.15 Td (Although some credit losses are inherent to the business of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 462.30 Td (agricultural lending, Farmer Mac believes that any losses associated with the current agricultural credit ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 434.45 Td (cycle will be moderated by the strength and diversity of its portfolio, which Farmer Mac believes is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 406.60 Td (adequately collateralized. Farmer Mac's average substandard assets as a percent of its Farm & Ranch ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 378.80 Td (portfolio over the last 15 years is approximately 4 percent. ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 349.0720703125 m 137.525390625 349.0720703125 l s q 0 0 0 rg BT 49.50 350.95 Td (Lines of Business) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 317.10 Td (Farmer Mac's operations consist of four lines of business Farm & Ranch, USDA) Tj ET Q q 0 0 0 rg BT 480.28 317.10 Td ( Guarantees, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 289.25 Td (Rural Utilities, and Institutional Credit. Net interest income by business segment for fourth quarter 2016 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 261.40 Td (was $12.4 million \(147 basis points\) for Farm & Ranch, $6.1 million \(124 basis points\) for USDA) Tj ET Q q 0 0 0 rg BT 520.48 261.40 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 233.60 Td (Guarantees, $3.1 million \(123 basis points\) for Rural Utilities, and $12.7 million \(85 basis points\) for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 205.75 Td (Institutional Credit. Net ef) Tj ET Q q 0 0 0 rg BT 178.92 205.75 Td (fective spread by business segment for fourth quarter 2016 was $10.3 million ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 177.90 Td (\(178 basis points\) for Farm& Ranch, $5.3 million \(108 basis points\) for USDA) Tj ET Q q 0 0 0 rg BT 431.14 177.90 Td ( Guarantees, $2.6 million ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 150.05 Td (\(105 basis points\) for Rural Utilities, and $1) Tj ET Q q 0 0 0 rg BT 261.03 150.05 Td (1.6 million \(78 basis points\) for Institutional Credit. ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 114.32207031250005 m 160.875 114.32207031250005 l s q 0 0 0 rg BT 49.50 116.20 Td (Liquidity and Capital) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 82.40 Td (Farmer Mac's core capital totaled $609.7 million as of December 31, 2016, exceeding the statutory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 54.55 Td (minimum capital requirement by $143.2 million, or 31 percent, compared to $564.5 million as of ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (December31, 2015, which was $102.4 million, or 22 percent, above the statutory minimum capital ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (requirement. ) Tj ET Q q 0 0 0 rg BT 119.26 712.85 Td (The increase in capital in excess of the minimum capital level was due primarily to an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (increase in retained earnings and a decrease in the amount of cash and cash equivalents needed to manage ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (Farmer Mac's liquidity position in 2016.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 623.35 Td (As of December 31, 2016, Farmer Mac's total stockholders' equity was $643.4 million, compared ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 595.50 Td (to $553.5 million as of December 31, 2015. ) Tj ET Q q 0 0 0 rg BT 264.58 595.50 Td (The increase in total stockholders' equity was a result of an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 567.65 Td (increase in retained earnings and accumulated other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 420.79 567.65 Td (The increase in accumulated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 539.80 Td (other comprehensive income was due to increases in fair value on certain fixed-rate USDA) Tj ET Q q 0 0 0 rg BT 485.67 539.80 Td ( Securities. On ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 512.00 Td (October 1, 2016, Farmer Mac transferred $2.0 billion of USDA) Tj ET Q q 0 0 0 rg BT 353.43 512.00 Td ( Securities and $32.8 million of Farmer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 484.15 Td (Mac Guaranteed USDA) Tj ET Q q 0 0 0 rg BT 164.13 484.15 Td ( Securities from available-for) Tj ET Q q 0 0 0 rg BT 304.83 484.15 Td (-sale to held-to-maturity to reflect Farmer Mac) Tj ET Q q 0 0 0 rg BT 532.75 484.15 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 456.30 Td (af) Tj ET Q q 0 0 0 rg BT 58.61 456.30 Td (firmative intent and ability to hold these securities until maturity or payof) Tj ET Q q 0 0 0 rg BT 411.30 456.30 Td (f. Farmer Mac transferred ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 428.45 Td (these securities at fair value as of the date of the transfer) Tj ET Q q 0 0 0 rg BT 319.23 428.45 Td (, which included a cost basis adjustment of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 400.60 Td (unrealized appreciation in the amount of $73.8 million. ) Tj ET Q q 0 0 0 rg BT 320.21 400.60 Td (The accumulated unrealized appreciation was ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 372.80 Td (retained in accumulated other comprehensive income. Both the cost basis adjustment and accumulated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 344.95 Td (unrealized appreciation will be amortized as an adjustment to the yield on the held-to-maturity USDA) Tj ET Q q 0 0 0 rg BT 538.03 344.95 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (Securities over the remaining term of the transferred securities.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 283.25 Td (As prescribed by FCA) Tj ET Q q 0 0 0 rg BT 192.49 283.25 Td ( regulations, Farmer Mac is required to maintain a minimum of 90days of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 255.40 Td (liquidity) Tj ET Q q 0 0 0 rg BT 89.39 255.40 Td (. In accordance with the methodology prescribed by those regulations, Farmer Mac maintained an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 227.60 Td (average of 158days of liquidity during2016 and had 165days of liquidity as of December 31, 2016. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 739.0220703125 m 100.8515625 739.0220703125 l s q 0 0 0 rg BT 49.50 740.90 Td (Dividends) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 707.05 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 707.05 Td (On March 1, 2017, Farmer Mac's board of directors declared a quarterly dividend of $0.36 per ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 679.20 Td (share for each of Farmer Mac's three classes of common stock Class ) Tj ET Q q 0 0 0 rg BT 388.56 679.20 Td (A) Tj ET Q q 0 0 0 rg BT 396.56 679.20 Td ( voting common stock ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 651.40 Td (\(NYSE:AGM.A\), Class B voting common stock \(not listed on any exchange\), and Class C non-voting ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 623.55 Td (common stock \(NYSE: ) Tj ET Q q 0 0 0 rg BT 163.83 623.55 Td (AGM\). ) Tj ET Q q 0 0 0 rg BT 201.61 623.55 Td (This quarterly dividend will be payable on March 31, 2017 to holders of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 595.70 Td (record of common stock as of March 20, 2017. ) Tj ET Q q 0 0 0 rg BT 277.56 595.70 Td (This represents the sixth consecutive year that Farmer Mac ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 567.85 Td (has increased its quarterly common stock dividend from the prior year) Tj ET Q q 0 0 0 rg BT 386.25 567.85 Td (, and Farmer Mac believes that the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 540.00 Td (most recent increase is supported by Farmer Mac's earnings potential and overall capital position.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 506.20 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 506.20 Td (Farmer Mac's board of directors also declared a dividend on each of Farmer Mac's three classes of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 478.35 Td (preferred stock. ) Tj ET Q q 0 0 0 rg BT 127.58 478.35 Td (The quarterly dividend of $0.3672 per share of 5.875% Non-Cumulative Preferred Stock, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 450.50 Td (Series ) Tj ET Q q 0 0 0 rg BT 81.16 450.50 Td (A) Tj ET Q q 0 0 0 rg BT 89.17 450.50 Td ( \(NYSE: ) Tj ET Q q 0 0 0 rg BT 133.17 450.50 Td (AGM.PR.A\), $0.4297 per share of 6.875% Non-Cumulative Preferred Stock, Series B ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 422.65 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 90.50 422.65 Td (AGM.PR.B\), and $0.375 per share of 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 394.80 Td (Stock, Series C \(NYSE: ) Tj ET Q q 0 0 0 rg BT 167.17 394.80 Td (AGM.PR.C\), is for the period from but not including January 18, 2017 to and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 367.00 Td (including ) Tj ET Q q 0 0 0 rg BT 97.17 367.00 Td (April 17, 2017. ) Tj ET Q q 0 0 0 rg BT 173.28 367.00 Td (The preferred stock dividends will be payable on ) Tj ET Q q 0 0 0 rg BT 410.54 367.00 Td (April 17, 2017 to holders of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 339.15 Td (record as of ) Tj ET Q q 0 0 0 rg BT 108.47 339.15 Td (April 3, 2017.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 303.4220703125 m 194.9296875 303.4220703125 l s q 0 0 0 rg BT 49.50 305.30 Td (Use of Non-GAAP) Tj ET Q q 0 0 0 rg BT 142.83 305.30 Td ( Measur) Tj ET Q q 0 0 0 rg BT 184.93 305.30 Td (es) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 277.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 277.45 Td (In the analysis of its financial information, Farmer Mac sometimes uses measures of financial ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (performance that are not presented in accordance with generally accepted accounting principles in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 221.80 Td (United States \(GAAP\), and these are considered "non-GAAP) Tj ET Q q 0 0 0 rg BT 343.22 221.80 Td ( measures." Specifically) Tj ET Q q 0 0 0 rg BT 461.30 221.80 Td (, Farmer Mac uses ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 193.95 Td (the following non-GAAP) Tj ET Q q 0 0 0 rg BT 171.05 193.95 Td ( measures: "core earnings," "core earnings per share," and "net ef) Tj ET Q q 0 0 0 rg BT 483.86 193.95 Td (fective spread." ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (Farmer Mac uses these non-GAAP) Tj ET Q q 0 0 0 rg BT 217.02 166.10 Td ( measures to measure corporate economic performance and develop ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 138.25 Td (financial plans because, in management's view) Tj ET Q q 0 0 0 rg BT 272.80 138.25 Td (, they are useful alternative measures in understanding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 110.40 Td (FarmerMac's economic performance, transaction economics, and business trends. ) Tj ET Q q 0 0 0 rg BT 449.65 110.40 Td (The non-GAAP) Tj ET Q q 0 0 0 rg BT 525.53 110.40 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 82.60 Td (financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP) Tj ET Q q 0 0 0 rg BT 513.91 82.60 Td ( financial ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 54.75 Td (measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP) Tj ET Q q 0 0 0 rg BT 463.12 54.75 Td ( measures is ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (intended to be supplemental in nature, and is not meant to be considered in isolation from, as a substitute ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (for) Tj ET Q q 0 0 0 rg BT 63.01 712.85 Td (, or as more important than, the related financial information prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 526.85 712.85 Td (. ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (Cor) Tj ET Q q 0 0 0 rg BT 67.73 685.00 Td (e Earnings and Cor) Tj ET Q q 0 0 0 rg BT 162.29 685.00 Td (e Earnings per Shar) Tj ET Q q 0 0 0 rg BT 258.84 685.00 Td (e) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 657.20 Td (Core earnings and core earnings per share principally dif) Tj ET Q q 0 0 0 rg BT 357.84 657.20 Td (fer from net income attributable to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 629.35 Td (common stockholders and earnings per common share, respectively) Tj ET Q q 0 0 0 rg BT 373.96 629.35 Td (, by excluding the ef) Tj ET Q q 0 0 0 rg BT 472.04 629.35 Td (fects of fair value ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 601.50 Td (fluctuations. ) Tj ET Q q 0 0 0 rg BT 111.94 601.50 Td (These fluctuations are not expected to have a cumulative net impact on Farmer Mac's ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 573.65 Td (financial condition or results of operations reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 424.94 573.65 Td ( if the related financial ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 545.80 Td (instruments are held to maturity) Tj ET Q q 0 0 0 rg BT 202.02 545.80 Td (, as is expected. ) Tj ET Q q 0 0 0 rg BT 283.00 545.80 Td (Among other items, these fair value fluctuations have ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 518.00 Td (included unrealized gains or losses on financial derivatives and hedging activities related to the exchange ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 490.15 Td (of variation mar) Tj ET Q q 0 0 0 rg BT 126.59 490.15 Td (gin between Farmer Mac and its counterparties on both its cleared and non-cleared ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 462.30 Td (derivatives portfolios. However) Tj ET Q q 0 0 0 rg BT 204.31 462.30 Td (, beginning in first quarter 2017, the variation mar) Tj ET Q q 0 0 0 rg BT 444.70 462.30 Td (gin amounts exchanged ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 434.45 Td (between Farmer Mac and its counterparties on cleared derivatives will be considered as settlement rather ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 406.60 Td (than collateral as a result of a change in variation mar) Tj ET Q q 0 0 0 rg BT 306.50 406.60 Td (gin rules implemented by the Chicago Mercantile ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 378.80 Td (Exchange \("CME"\), the central clearinghouse used by Farmer Mac. Specifically) Tj ET Q q 0 0 0 rg BT 437.04 378.80 Td (, ef) Tj ET Q q 0 0 0 rg BT 452.15 378.80 Td (fective January 3, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 350.95 Td (2017, CME began to deem the exchange of variation mar) Tj ET Q q 0 0 0 rg BT 324.53 350.95 Td (gin between derivatives counterparties as a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (partial settlement of each respective derivative contract rather than as collateral pledged by a counterparty) Tj ET Q q 0 0 0 rg BT 557.14 323.10 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 108.70 295.25 Td (, beginning in first quarter 2017, Farmer Mac will present its cleared derivatives portfolio net ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 267.40 Td (of variation mar) Tj ET Q q 0 0 0 rg BT 126.59 267.40 Td (gin payments on its consolidated balance sheets and will recognize realized gains or losses ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 239.60 Td (as a result of these payments on its consolidated statements of operations. However) Tj ET Q q 0 0 0 rg BT 452.25 239.60 Td (, Farmer Mac believes ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 211.75 Td (that even though these variation mar) Tj ET Q q 0 0 0 rg BT 224.23 211.75 Td (gin amounts will be accounted for as realized gains or losses on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 183.90 Td (financial derivatives and hedging activities as a result of the CME rule change, the economic character of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 156.05 Td (these transactions will remain the same as they were before the change. ) Tj ET Q q 0 0 0 rg BT 397.81 156.05 Td (The fair value fluctuations related ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 128.20 Td (to the exchange of variation mar) Tj ET Q q 0 0 0 rg BT 204.88 128.20 Td (gin, whether considered a partial settlement of or the pledge of collateral ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 100.40 Td (under a derivatives contract, are not expected to have a cumulative net impact on Farmer Mac's financial ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 72.55 Td (condition or results of operations reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 379.96 72.55 Td ( because the related financial ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (instruments are expected to be held to maturity) Tj ET Q q 0 0 0 rg BT 274.32 740.70 Td (. ) Tj ET Q q 0 0 0 rg BT 283.10 740.70 Td (Therefore, beginning in first quarter 2017, Farmer Mac ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (will exclude the ef) Tj ET Q q 0 0 0 rg BT 138.25 712.85 Td (fects of realized gains or losses resulting from the exchange of variation mar) Tj ET Q q 0 0 0 rg BT 505.23 712.85 Td (gin on its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (cleared derivatives portfolio in its calculations of core earnings and core earnings per share to present ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (them on a consistent basis with quarters prior to 2017.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 629.35 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 629.35 Td (Core earnings and core earnings per share also dif) Tj ET Q q 0 0 0 rg BT 325.19 629.35 Td (fer from net income attributable to common ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 601.50 Td (stockholders and earnings per common share, respectively) Tj ET Q q 0 0 0 rg BT 328.96 601.50 Td (, by excluding specified infrequent or unusual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 573.65 Td (transactions that Farmer Mac believes are not indicative of future operating results and that may not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 545.80 Td (reflect the trends and economic financial performance of Farmer Mac's core business. For example, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 518.00 Td (loss from retirement of the Farmer Mac II LLC Preferred Stock in first quarter 2015 has been excluded ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 490.15 Td (from core earnings and core earnings per share because it is not a frequently occurring transaction and not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 462.30 Td (indicative of future operating results. ) Tj ET Q q 0 0 0 rg BT 232.89 462.30 Td (This is also consistent with Farmer Mac's previous treatment of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 434.45 Td (these types of origination costs associated with securities underwriting that are capitalized and deferred ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 406.60 Td (during the life of the security) Tj ET Q q 0 0 0 rg BT 188.34 406.60 Td (. For a reconciliation of Farmer Mac's net income attributable to common ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 378.80 Td (stockholders to core earnings and of earnings per common share to core earnings per share, see the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 350.95 Td ("Reconciliations" section below) Tj ET Q q 0 0 0 rg BT 202.48 350.95 Td (.) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 49.50 322.15 Td (Net Effective Spr) Tj ET Q q 0 0 0 rg BT 130.36 322.15 Td (ead) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 294.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 294.30 Td (Farmer Mac uses net ef) Tj ET Q q 0 0 0 rg BT 197.91 294.30 Td (fective spread to measure the net spread Farmer Mac earns between its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 266.45 Td (interest-earning assets and the related net funding costs of these assets. Net ef) Tj ET Q q 0 0 0 rg BT 424.49 266.45 Td (fective spread dif) Tj ET Q q 0 0 0 rg BT 507.57 266.45 Td (fers from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 238.60 Td (net interest income and net interest yield because it excludes \(1\) the amortization of premiums and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 210.80 Td (discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 182.95 Td (over the contractual or estimated remaining lives of the underlying assets, and \(2\) interest income and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (interest expense related to consolidated trusts with beneficial interests owned by third parties, which are ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 127.25 Td (presented on Farmer Mac's consolidated balance sheets as "Loans held for investment in consolidated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 99.40 Td (trusts, at amortized cost." Farmer Mac excludes from net ef) Tj ET Q q 0 0 0 rg BT 337.42 99.40 Td (fective spread premiums and discounts on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 71.60 Td (assets consolidated at fair value because they either do not reflect actual cash premiums paid for the assets ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (at acquisition or are not expected to have an economic ef) Tj ET Q q 0 0 0 rg BT 322.50 740.70 Td (fect on Farmer Mac's financial performance if the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (assets are held to maturity) Tj ET Q q 0 0 0 rg BT 174.02 712.85 Td (, as is expected. Farmer Mac also excludes from net ef) Tj ET Q q 0 0 0 rg BT 435.04 712.85 Td (fective spread the interest ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (income and interest expense associated with the consolidated trusts and the average balance of the loans ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.20 Td (underlying these trusts to reflect management's view that the net interest income Farmer Mac earns on the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 629.35 Td (related Farmer Mac Guaranteed Securities owned by third parties is ef) Tj ET Q q 0 0 0 rg BT 386.49 629.35 Td (fectively a guarantee fee. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 601.50 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 108.70 601.50 Td (, the excluded interest income and interest expense associated with consolidated trusts is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 573.65 Td (reclassified to guarantee and commitment fees for purposes of determining Farmer Mac's core earnings.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 545.80 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 545.80 Td (Net ef) Tj ET Q q 0 0 0 rg BT 114.93 545.80 Td (fective spread also principally dif) Tj ET Q q 0 0 0 rg BT 275.32 545.80 Td (fers from net interest income and net interest yield because ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 518.00 Td (it includes the accrual of income and expense related to the contractual amounts due on financial ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 490.15 Td (derivatives that are not designated in hedge accounting relationships \("undesignated financial ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 462.30 Td (derivatives"\). Farmer Mac uses interest rate swaps to manage its interest rate risk exposure by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 434.45 Td (synthetically modifying the interest rate reset or maturity characteristics of certain assets and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 406.60 Td (liabilities.) Tj ET Q q 0 0 0 rg BT 102.94 406.60 Td (The accrual of the contractual amounts due on interest rate swaps designated in hedge ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 378.80 Td (accounting relationships is included as an adjustment to the yield or cost of the hedged item and is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 350.95 Td (included in net interest income. For undesignated financial derivatives, Farmer Mac records the income or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (expense related to the accrual of the contractual amounts due in "Gains/\(losses\) on financial derivatives ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (and hedging activities" on the consolidated statements of operations.However) Tj ET Q q 0 0 0 rg BT 428.15 295.25 Td (, the accrual of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 267.40 Td (contractual amounts due for undesignated financial derivatives are included in Farmer Mac's calculation of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 239.60 Td (net ef) Tj ET Q q 0 0 0 rg BT 76.27 239.60 Td (fective spread, which is intended to reflect management's view of the net spread between an asset ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 211.75 Td (and all of its related funding, including any associated derivatives, whether or not they are in a hedge ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 183.90 Td (accounting relationship. For a reconciliation of net interest income and net interest yield to net ef) Tj ET Q q 0 0 0 rg BT 517.46 183.90 Td (fective ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 156.05 Td (spread, see the "Reconciliations" section below) Tj ET Q q 0 0 0 rg BT 275.78 156.05 Td (.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 120.32207031250005 m 204.158203125 120.32207031250005 l s q 0 0 0 rg BT 49.50 122.20 Td (Forward-Looking Statements ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 88.40 Td (Management's expectations for Farmer Mac's future necessarily involve a number of assumptions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 60.55 Td (and estimates and the evaluation of risks and uncertainties.) Tj ET Q q 0 0 0 rg BT 337.53 60.55 Td (V) Tj ET Q q 0 0 0 rg BT 344.87 60.55 Td (arious factors or events, both known and ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (unknown, could cause Farmer Mac's actual results to dif) Tj ET Q q 0 0 0 rg BT 319.71 740.70 Td (fer materially from the expectations as expressed ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (or implied by the forward-looking statements herein, including uncertainties regarding:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 698.45 Td () Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 684.05 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 684.05 Td (the availability to Farmer Mac of debt and equity financing and, if available, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 669.65 Td (reasonableness of rates and terms;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 640.85 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 640.85 Td (legislative or regulatory developments that could af) Tj ET Q q 0 0 0 rg BT 350.54 640.85 Td (fect Farmer Mac, its sources of business, or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 626.45 Td (the agricultural or rural utilities industries;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 597.65 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 597.65 Td (fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 568.85 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 568.85 Td (the rate and direction of development of the secondary market for agricultural mortgage and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 554.45 Td (rural utilities loans, including lender interest in Farmer Mac's products and the secondary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 540.05 Td (market provided by Farmer Mac;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 511.25 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 511.25 Td (the general rate of growth in agricultural mortgage and rural utilities indebtedness;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 482.45 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 482.45 Td (the ef) Tj ET Q q 0 0 0 rg BT 130.27 482.45 Td (fect of economic conditions, including the ef) Tj ET Q q 0 0 0 rg BT 344.98 482.45 Td (fects of drought and other weather) Tj ET Q q 0 0 0 rg BT 509.68 482.45 Td (-related ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 468.05 Td (conditions and fluctuations in agricultural real estate values, on agricultural mortgage lending ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 453.65 Td (and borrower repayment capacity;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 424.85 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 424.85 Td (developments in the financial markets, including possible investor) Tj ET Q q 0 0 0 rg BT 420.95 424.85 Td (, analyst, and rating agency ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 410.45 Td (reactions to events involving government-sponsored enterprises, including Farmer Mac; ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 381.65 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 381.65 Td (changes in the level and direction of interest rates, which could, among other things, af) Tj ET Q q 0 0 0 rg BT 520.15 381.65 Td (fect the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 367.25 Td (value of collateral securing Farmer Mac's agricultural mortgage loan assets;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 338.45 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 338.45 Td (the degree to which Farmer Mac is exposed to basis risk, which results from fluctuations in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 324.05 Td (Farmer Mac's borrowing costs relative to market indexes such as LIBOR; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 295.25 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 295.25 Td (volatility in commodity prices relative to costs of production and/or export demand for U.S. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.50 280.85 Td (agricultural products.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 247.00 Td (Other risk factors are discussed in "Risk Factors" in Part I, Item 1A) Tj ET Q q 0 0 0 rg BT 408.23 247.00 Td ( in Farmer Mac's ) Tj ET Q q 0 0 0 rg BT 491.71 247.00 Td (Annual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 219.20 Td (Report on Form 10-K for the year ended December 31, 2016 filed today with the U.S. Securities and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 191.35 Td (Exchange Commission \("SEC"\). In light of these potential risks and uncertainties, no undue reliance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 163.50 Td (should be placed on any forward-looking statements expressed in this release.) Tj ET Q q 0 0 0 rg BT 428.84 163.50 Td (The forward-looking ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 135.65 Td (statements contained in this release represent management's expectations as of the date of this release. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 107.80 Td (Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 80.00 Td (statements included in this release to reflect new information or any future events or circumstances, except ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (as otherwise mandated by the SEC. ) Tj ET Q q 0 0 0 rg BT 225.25 740.70 Td (The information contained in this release is not necessarily indicative ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (of future results.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 677.1220703125 m 247.60546875 677.1220703125 l s q 0 0 0 rg BT 49.50 679.00 Td (Earnings Confer) Tj ET Q q 0 0 0 rg BT 134.95 679.00 Td (ence Call Information) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 645.20 Td (The conference call to discuss Farmer Mac's fourth quarter and full year 2016 financial results will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 617.35 Td (be held beginning at 1) Tj ET Q q 0 0 0 rg BT 155.70 617.35 Td (1:00a.m. eastern time on ) Tj ET Q q 0 0 0 rg BT 279.78 617.35 Td (Thursday) Tj ET Q q 0 0 0 rg BT 324.32 617.35 Td (, March 9, 2017 and can be accessed by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 589.50 Td (telephone or live webcast as follows: ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 85.5 554.050390625 m 192.287109375 554.050390625 l s q 0 0 0 rg BT 85.50 555.65 Td (T) Tj ET Q q 0 0 0 rg BT 91.99 555.65 Td (elephone \(Domestic\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 192.29 555.65 Td (: \(888\) 346-2616 ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 85.5 520.200390625 m 207.603515625 520.200390625 l s q 0 0 0 rg BT 85.50 521.80 Td (T) Tj ET Q q 0 0 0 rg BT 91.99 521.80 Td (elephone \(International\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 207.60 521.80 Td (: \(412\) 902-4254) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 85.5 486.400390625 m 125.84765625 486.400390625 l s q 0 0 0 rg BT 85.50 488.00 Td (W) Tj ET Q q 0 0 0 rg BT 95.87 488.00 Td (ebcast) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 125.85 488.00 Td (: ) Tj ET Q BT /F1 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.0196078431372549 0.38823529411764707 0.7568627450980392 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 132.181640625 486.400390625 m 420.662109375 486.400390625 l s q 0.0196078431372549 0.38823529411764707 0.7568627450980392 rg BT 132.18 488.00 Td (https://www) Tj ET Q q 0.0196078431372549 0.38823529411764707 0.7568627450980392 rg BT 190.74 488.00 Td (.farmermac.com/investors/events-presentations/) Tj ET Q BT /F1 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 454.15 Td (Presentation materials to be referenced during the call will be posted on the webpage that can be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 426.30 Td (accessed by clicking on the link noted above. ) Tj ET Q q 0 0 0 rg BT 272.55 426.30 Td (When dialing in to the call, please ask for the conference ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 398.45 Td (chairman ) Tj ET Q q 0 0 0 rg BT 96.93 398.45 Td (T) Tj ET Q q 0 0 0 rg BT 103.83 398.45 Td (im Buzby) Tj ET Q q 0 0 0 rg BT 150.05 398.45 Td (. ) Tj ET Q q 0 0 0 rg BT 158.84 398.45 Td (The call can be heard live and will also be available for replay on Farmer Mac) Tj ET Q q 0 0 0 rg BT 537.67 398.45 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 370.60 Td (website for two weeks following the conclusion of the call.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 85.50 336.80 Td (More complete information about Farmer Mac's performance for fourth quarter and full year 2016 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 308.95 Td (is set forth in Farmer Mac's ) Tj ET Q q 0 0 0 rg BT 183.64 308.95 Td (Annual Report on Form 10-K for the period ended December 31, 2016 filed ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (today with the SEC.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 49.5 245.3720703125 m 149.25 245.3720703125 l s q 0 0 0 rg BT 49.50 247.25 Td (About Farmer) Tj ET Q q 0 0 0 rg BT 123.60 247.25 Td ( Mac) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 85.50 213.40 Td (F) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 91.62 213.40 Td (armer Mac is a vital part of the agricultural credit markets and was created to increase access to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 185.60 Td (and reduce the cost of capital for the benefit of ) Tj ET Q q 0 0 0 rg BT 276.07 185.60 Td (American agricultural and rural communities. ) Tj ET Q q 0 0 0 rg BT 497.99 185.60 Td (As the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 157.75 Td (nation) Tj ET Q q 0 0 0 rg BT 82.83 157.75 Td (s premier secondary market for agricultural credit, we provide financial solutions to a broad ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 129.90 Td (spectrum of the agricultural community) Tj ET Q q 0 0 0 rg BT 239.33 129.90 Td (, including agricultural lenders, agribusinesses, and other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 102.05 Td (institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 74.20 Td (Macs customers benefit from our low cost of funds, low overhead costs, and high operational ef) Tj ET Q q 0 0 0 rg BT 513.49 74.20 Td (ficiency) Tj ET Q q 0 0 0 rg BT 551.36 74.20 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 46.40 Td (In fact, we are often able to provide the lowest cost of borrowing to agricultural and rural borrowers. For ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (more than a quarter) Tj ET Q q 0 0 0 rg BT 142.88 740.70 Td (-century) Tj ET Q q 0 0 0 rg BT 182.08 740.70 Td (, Farmer Mac has been delivering the capital and commitment rural ) Tj ET Q q 0 0 0 rg BT 507.97 740.70 Td (America ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td (deserves. ) Tj ET Q q 0 0 0 rg BT 99.15 712.85 Td (Additional information about Farmer Mac \(including the ) Tj ET Q q 0 0 0 rg BT 374.09 712.85 Td (Annual Report on Form 10-K ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (referenced above\) is available on Farmer Mac's website at www) Tj ET Q q 0 0 0 rg BT 356.42 685.00 Td (.farmermac.com. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 636.80 Td (CONT) Tj ET Q q 0 0 0 rg BT 81.21 636.80 Td (ACT) Tj ET Q q 0 0 0 rg BT 104.61 636.80 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.94 636.80 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 121.50 636.80 Td (Jalpa Nazareth, Investor Relations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.40 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 622.40 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 121.50 622.40 Td (Megan Murray-Pelaez, Media Inquiries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.00 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 608.00 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 121.50 608.00 Td (\(202\) 872-7700) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 289.50 545.35 Td (* * * *) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.35 742.25 Td (FEDERAL) Tj ET Q q 0 0 0 rg BT 169.58 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.53 742.25 Td (AGRICUL) Tj ET Q q 0 0 0 rg BT 217.84 742.25 Td (TURAL) Tj ET Q q 0 0 0 rg BT 252.29 742.25 Td ( MOR) Tj ET Q q 0 0 0 rg BT 278.88 742.25 Td (TGAGE CORPORA) Tj ET Q q 0 0 0 rg BT 367.31 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 394.82 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.40 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.22 730.25 Td (TED BALANCE SHEETS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 672.75 363.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 672.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 672.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 672.75 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 651.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 651.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 651.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 651.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 631.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 631.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 631.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 631.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 611.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 611.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 611.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 611.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 591.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 591.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 591.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 591.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 571.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 571.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 571.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 571.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 551.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 551.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 551.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 551.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 531.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 531.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 531.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 531.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 511.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 511.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 511.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 511.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 491.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 491.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 491.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 491.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 471.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 471.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 471.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 471.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 451.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 451.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 451.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 451.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 431.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 431.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 431.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 431.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 411.75 363.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 411.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 411.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 411.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 392.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 392.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 392.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 392.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 372.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 372.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 372.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 372.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 352.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 352.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 352.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 352.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 332.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 332.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 332.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 332.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 312.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 312.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 312.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 312.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 292.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 292.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 292.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 292.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 272.75 363.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 272.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 272.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 272.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 249.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 249.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 249.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 249.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 229.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 229.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 229.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 229.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 209.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 209.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 209.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 209.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 189.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 189.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 189.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 189.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 169.75 363.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 169.75 75.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 169.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 169.75 70.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 141.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 141.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 141.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 141.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 121.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 121.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 121.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 121.75 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 101.75 363.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 101.75 75.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 101.75 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 101.75 70.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 695.75 m 487.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 695.75 m 491.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 695.75 m 561.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 695.75 m 487.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 682.75 m 487.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 695.75 m 491.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 695.75 m 561.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 682.75 m 561.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 621.75 m 487.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 611.75 m 487.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 621.75 m 561.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 611.75 m 561.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 581.75 m 487.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 571.75 m 487.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 581.75 m 561.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 571.75 m 561.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 531.75 m 487.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 531.75 m 561.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 531.75 m 487.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 521.75 m 487.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 531.75 m 561.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 521.75 m 561.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 481.75 m 487.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 471.75 m 487.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 481.75 m 561.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 471.75 m 561.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 411.75 m 487.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 399.75 m 487.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 397.75 m 487.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 411.75 m 561.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 399.75 m 561.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 397.75 m 561.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 342.75 m 487.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 342.75 m 561.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 272.75 m 487.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 259.75 m 487.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 272.75 m 561.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 259.75 m 561.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 121.75 m 487.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 121.75 m 561.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 101.75 m 561.5 101.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 101.75 m 487.5 101.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 91.75 m 487.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 80.75 m 487.5 80.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 78.75 m 487.5 78.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 91.75 m 561.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 80.75 m 561.5 80.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 78.75 m 561.5 78.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.70 699.70 Td (As of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 687.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.05 687.00 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.55 687.00 Td (December 31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.50 674.75 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 664.70 Td (Assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.00 664.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.00 664.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 653.75 Td (Cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.00 653.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 653.75 Td (265,229) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.00 653.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 653.75 Td (1,210,084) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 643.75 Td (Investment securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 633.75 Td (Available-for-sale, at fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 633.75 Td (2,515,851) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 633.75 Td (2,775,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 623.75 Td (Trading, at fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.30 623.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 623.75 Td (491) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.00 613.75 Td (Total investment securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 613.75 Td (2,515,851) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 613.75 Td (2,775,516) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 603.75 Td (Farmer Mac Guaranteed Securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 593.75 Td (Available-for-sale, at fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 593.75 Td (4,853,685) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 593.75 Td (4,152,605) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 583.75 Td (Held-to-maturity, at amortized cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 583.75 Td (1,149,231) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 583.75 Td (1,274,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.00 573.75 Td (Total Farmer Mac Guaranteed Securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 573.75 Td (6,002,916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 573.75 Td (5,426,621) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 563.75 Td (USDA Securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 553.75 Td (Available-for-sale, at fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.30 553.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 553.75 Td (1,888,344) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 543.75 Td (Trading, at fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 543.75 Td (20,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 543.75 Td (28,975) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 533.75 Td (Held-to-maturity, at amortized cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 533.75 Td (2,009,225) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 533.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.00 523.75 Td (Total USDA Securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 523.75 Td (2,029,613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 523.75 Td (1,917,319) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 513.75 Td (Loans:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 503.75 Td (Loans held for investment, at amortized cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 503.75 Td (3,379,884) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 503.75 Td (3,258,413) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 493.75 Td (Loans held for investment in consolidated trusts, at amortized cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 493.75 Td (1,132,966) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 493.75 Td (708,111) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 483.75 Td (Allowance for loan losses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.60 483.75 Td (\(5,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 483.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 483.75 Td (\(4,480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 483.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.00 473.75 Td (Total loans, net of allowance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 473.75 Td (4,507,435) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 473.75 Td (3,962,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 463.75 Td (Real estate owned, at lower of cost or fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 463.75 Td (1,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 463.75 Td (1,369) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 453.75 Td (Financial derivatives, at fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 453.75 Td (23,182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 453.75 Td (3,816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 443.75 Td (Interest receivable \(includes $12,584 and $7,938, respectively, related to consolidated trusts\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 443.75 Td (122,782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 443.75 Td (112,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 433.75 Td (Guarantee and commitment fees receivable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 433.75 Td (38,871) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 433.75 Td (40,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 423.75 Td (Deferred tax asset, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 423.75 Td (12,291) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 423.75 Td (42,916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 413.75 Td (Prepaid expenses and other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 413.75 Td (86,322) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 413.75 Td (47,780) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 403.00 Td (Total Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.00 403.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 403.00 Td (15,606,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.00 403.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.30 403.00 Td (15,540,354) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 384.75 Td (Liabilities and Equity:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 374.75 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 364.75 Td (Notes payable:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 354.75 Td (Due within one year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.00 354.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 354.75 Td (8,440,123) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.00 354.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 354.75 Td (9,111,461) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 344.75 Td (Due after one year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 344.75 Td (5,222,977) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 344.75 Td (4,967,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.00 334.75 Td (Total notes payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 334.75 Td (13,663,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.30 334.75 Td (14,078,497) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 324.75 Td (Debt securities of consolidated trusts held by third parties) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 324.75 Td (1,142,704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 324.75 Td (713,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 314.75 Td (Financial derivatives, at fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 314.75 Td (58,152) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 314.75 Td (77,199) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 304.75 Td (Accrued interest payable \(includes $10,881 and $6,705, respectively, related to consolidated trusts\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 304.75 Td (49,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 304.75 Td (47,621) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 294.75 Td (Guarantee and commitment obligation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 294.75 Td (37,282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 294.75 Td (38,609) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 284.75 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 284.75 Td (9,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 284.75 Td (29,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 274.75 Td (Reserve for losses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 274.75 Td (2,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 274.75 Td (2,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 264.00 Td (Total Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 264.00 Td (14,962,373) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.30 264.00 Td (14,986,634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 251.75 Td (Commitments and Contingencies \(Note 12\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 241.75 Td (Equity:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 231.75 Td (Preferred stock:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 221.75 Td (Series A, par value $25 per share, 2,400,000 shares authorized, issued and outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 221.75 Td (58,333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 221.75 Td (58,333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 211.75 Td (Series B, par value $25 per share, 3,000,000 shares authorized, issued and outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 211.75 Td (73,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 211.75 Td (73,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 201.75 Td ( Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 201.75 Td (73,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 201.75 Td (73,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 191.75 Td (Common stock:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 181.75 Td (Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 181.75 Td (1,031) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 181.75 Td (1,031) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 171.75 Td (Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 171.75 Td (500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 171.75 Td (500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 161.70 Td (Class C Non-Voting, $1 par value, no maximum authorization, 9,007,481 shares and 9,155,661 shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 153.75 Td (outstanding, respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 156.00 Td (9,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 156.00 Td (9,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 143.75 Td (Additional paid-in capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 143.75 Td (118,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 143.75 Td (117,862) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 133.75 Td (Accumulated other comprehensive income/\(loss\), net of tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 133.75 Td (33,758) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 133.75 Td (\(11,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 133.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 123.75 Td (Retained earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 123.75 Td (275,714) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 123.75 Td (231,228) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.00 113.75 Td (Total Stockholders' Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 113.75 Td (643,425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 113.75 Td (553,517) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 103.75 Td (Non-controlling interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.30 103.75 Td (222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 103.75 Td (203) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.00 93.75 Td (Total Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 93.75 Td (643,647) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 93.75 Td (553,720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 83.70 Td (Total Liabilities and Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.00 83.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 83.70 Td (15,606,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.00 83.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.30 83.70 Td (15,540,354) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.35 742.25 Td (FEDERAL) Tj ET Q q 0 0 0 rg BT 169.58 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.53 742.25 Td (AGRICUL) Tj ET Q q 0 0 0 rg BT 217.84 742.25 Td (TURAL) Tj ET Q q 0 0 0 rg BT 252.29 742.25 Td ( MOR) Tj ET Q q 0 0 0 rg BT 278.88 742.25 Td (TGAGE CORPORA) Tj ET Q q 0 0 0 rg BT 367.31 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 394.82 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.15 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.97 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.52 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 290.00 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.92 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 391.68 730.25 Td (TIONS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 656.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 656.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 656.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 656.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 656.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 656.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 656.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 656.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 628.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 628.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 628.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 628.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 628.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 628.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 628.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 628.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 600.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 600.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 600.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 600.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 600.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 600.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 600.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 600.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 572.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 572.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 572.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 572.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 572.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 572.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 572.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 572.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 544.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 544.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 544.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 544.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 544.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 544.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 544.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 544.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 516.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 516.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 516.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 516.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 516.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 516.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 516.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 516.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 488.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 488.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 488.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 488.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 488.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 488.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 488.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 488.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 460.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 460.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 460.75 4.00 -14.00 re f /GS0 gs 0.8 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434.00 236.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 236.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 236.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 236.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 208.75 261.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 208.75 61.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 208.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 208.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 208.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 208.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 208.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 208.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 181.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 181.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 181.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 181.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 181.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 181.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 181.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 181.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 153.75 261.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 153.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 153.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 153.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 153.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 153.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 153.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 153.75 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 693.75 m 371 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 693.75 m 375 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 693.75 m 434 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 693.75 m 498 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 693.75 m 502 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 693.75 m 562 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 693.75 m 371 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 670.75 m 371 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 693.75 m 434 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 670.75 m 434 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 693.75 m 498 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 670.75 m 498 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 693.75 m 502 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 693.75 m 562 693.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 670.75 m 562 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 600.75 m 371 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 600.75 m 434 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 600.75 m 498 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 600.75 m 562 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 600.75 m 371 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 600.75 m 434 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 600.75 m 498 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 600.75 m 562 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 572.75 m 371 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 572.75 m 434 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 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222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 222.75 m 498 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 222.75 m 562 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 209.75 m 371 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 207.75 m 371 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 222.75 m 434 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 209.75 m 434 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 207.75 m 434 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 209.75 m 498 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 207.75 m 498 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 222.75 m 562 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 209.75 m 562 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 207.75 m 562 207.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.55 698.21 Td (For the Three Months Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 698.21 Td (For the Year Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 675.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.75 684.21 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.00 675.21 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.75 684.21 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 675.21 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.25 684.21 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 675.21 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.25 684.21 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.50 675.21 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 661.21 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.65 661.00 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 647.21 Td (Interest income:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 633.21 Td (Investments and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 633.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.25 633.21 Td (6,807) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.50 633.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.25 633.21 Td (4,194) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.50 633.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 633.21 Td (27,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 633.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 633.21 Td (13,338) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 619.21 Td (Farmer Mac Guaranteed Securities and USDA Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 619.21 Td (39,343) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 619.21 Td (32,835) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 619.21 Td (150,281) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 619.21 Td (134,443) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 605.21 Td (Loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 605.21 Td (35,091) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 605.21 Td (30,533) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 605.21 Td (134,577) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 605.21 Td (117,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 591.21 Td (Total interest income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 591.21 Td (81,241) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 591.21 Td (67,562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 591.21 Td (311,900) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 591.21 Td (264,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 577.21 Td (Total interest expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 577.21 Td (44,528) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 577.21 Td (36,591) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 577.21 Td (171,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 577.21 Td (139,016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 563.21 Td (Net interest income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 563.21 Td (36,713) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 563.21 Td (30,971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 563.21 Td (140,274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 563.21 Td (125,807) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 549.21 Td (Provision for loan losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.00 549.21 Td (\(461) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.50 549.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.25 549.21 Td (\(3,366) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 549.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 549.21 Td (\(1,065) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 549.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 549.21 Td (\(2,388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 549.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 535.21 Td (Net interest income after provision for loan losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 535.21 Td (36,252) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 535.21 Td (27,605) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 535.21 Td (139,209) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 535.21 Td (123,419) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 521.21 Td (Non-interest income:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.50 521.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 521.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 507.21 Td (Guarantee and commitment fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.25 507.21 Td (3,789) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.25 507.21 Td (3,780) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 507.21 Td (14,868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 507.21 Td (14,077) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 493.21 Td (Gains on financial derivatives and hedging activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 493.21 Td (15,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.25 493.21 Td (1,592) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 493.21 Td (2,311) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 493.21 Td (2,531) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 479.21 Td (\(Losses\)/gains on trading securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.00 479.21 Td (\(474) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.50 479.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 479.21 Td (696) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 479.21 Td (1,460) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 479.21 Td (1,220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 465.21 Td (\(Losses\)/gains on sale of available-for-sale investment securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.50 465.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.50 465.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 465.21 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 465.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 465.21 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 451.21 Td (Gains/\(losses\) on sale of real estate owned) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.50 451.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.50 451.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 451.21 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.00 451.21 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 451.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 437.21 Td (Other income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.00 437.21 Td (602) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 437.21 Td (372) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 437.21 Td (1,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 437.21 Td (2,305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 423.21 Td (Non-interest income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 423.21 Td (19,307) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.25 423.21 Td (6,440) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 423.21 Td (20,468) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 423.21 Td (20,141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 409.21 Td (Non-interest expense:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.50 409.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 409.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 395.21 Td (Compensation and employee benefits) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.25 395.21 Td (5,949) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.25 395.21 Td (5,385) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 395.21 Td (22,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 395.21 Td (22,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 381.21 Td (General and administrative) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.25 381.21 Td (4,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.25 381.21 Td (3,238) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 381.21 Td (15,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 381.21 Td (13,111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 367.21 Td (Regulatory fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.00 367.21 Td (625) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 367.21 Td (613) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 367.21 Td (2,463) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 367.21 Td (2,413) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 353.21 Td (Real estate owned operating costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.50 353.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.50 353.21 Td (44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 353.21 Td (39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 353.21 Td (91) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 339.21 Td (Provision for/\(release of\) reserve for losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.50 339.21 Td (51) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.25 339.21 Td (\(3,415) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 339.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.50 339.21 Td (\(63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 339.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 339.21 Td (\(2,180) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 339.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 325.21 Td (Non-interest expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 325.21 Td (10,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.25 325.21 Td (5,865) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 325.21 Td (40,320) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 325.21 Td (35,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 311.21 Td (Income before income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 311.21 Td (44,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 311.21 Td (28,180) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 311.21 Td (119,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 311.21 Td (108,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 297.21 Td (Income tax expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 297.21 Td (15,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.25 297.21 Td (9,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 297.21 Td (42,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 297.21 Td (34,239) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 283.21 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 283.21 Td (28,789) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 283.21 Td (18,268) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 283.21 Td (77,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 283.21 Td (73,839) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 269.21 Td (Less: Net \(income\)/loss attributable to non-controlling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.50 269.21 Td (\(28) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.50 269.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.50 269.21 Td (60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 269.21 Td (34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 269.21 Td (\(5,139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 269.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 255.21 Td (Net income attributable to Farmer Mac) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 255.21 Td (28,761) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 255.21 Td (18,328) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 255.21 Td (77,334) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 255.21 Td (68,700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 241.21 Td (Preferred stock dividends) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.25 241.21 Td (\(3,296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.50 241.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.25 241.21 Td (\(3,296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 241.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 241.21 Td (\(13,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.50 241.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.75 241.21 Td (\(13,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 241.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 227.21 Td (Loss on retirement of preferred stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.50 227.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.50 227.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 227.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 227.21 Td (\(8,147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 227.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 213.21 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 213.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 213.21 Td (25,465) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.50 213.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.75 213.21 Td (15,032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.50 213.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 213.21 Td (64,152) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 213.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 213.21 Td (47,371) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 186.21 Td (Earnings per common share and dividends:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 172.21 Td (Basic earnings per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 172.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.75 172.21 Td (2.42) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.50 172.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.75 172.21 Td (1.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.50 172.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 172.21 Td (6.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 172.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 172.21 Td (4.33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 158.21 Td (Diluted earnings per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 158.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.75 158.21 Td (2.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.50 158.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.75 158.21 Td (1.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.50 158.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 158.21 Td (5.97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 158.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 158.21 Td (4.19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 144.21 Td (Common stock dividends per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 144.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.75 144.21 Td (0.26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.50 144.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.75 144.21 Td (0.16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.50 144.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 144.21 Td (1.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 144.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 144.21 Td (0.64) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (Reconciliations) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 712.85 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 712.85 Td (A) Tj ET Q q 0 0 0 rg BT 93.50 712.85 Td ( reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 685.00 Td (and core earnings per share are presented in the following tables along with a breakdown of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 657.15 Td (composition of core earnings: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 590.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 590.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 590.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 590.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 590.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 590.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 562.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 562.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 562.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 562.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 562.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 562.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 534.65 259.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 534.65 82.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 534.65 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 534.65 84.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 534.65 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 534.65 80.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 497.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 497.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 497.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 497.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 497.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 497.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 469.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 469.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 469.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 469.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 469.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 469.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 451.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 451.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 451.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 451.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 451.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 451.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 423.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 423.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 423.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 423.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 423.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 423.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 395.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 395.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 395.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 395.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 395.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 395.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 367.65 259.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 367.65 82.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 367.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 367.65 84.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 367.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 367.65 80.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 349.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 349.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 349.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 349.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 349.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 349.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 321.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 321.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 321.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 321.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 321.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 321.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 293.65 259.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 293.65 82.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 293.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 293.65 84.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 293.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 293.65 80.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 275.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 275.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 275.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 275.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 275.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 275.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 247.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 247.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 247.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 247.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 247.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 247.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 219.65 259.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 219.65 82.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 219.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 219.65 84.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 219.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 219.65 80.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 201.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 201.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 201.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 201.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 201.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 201.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 173.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 173.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 173.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 173.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 173.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 173.65 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 145.65 259.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 145.65 82.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 145.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 145.65 84.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 145.65 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 145.65 80.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 127.65 259.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 127.65 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 127.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 127.65 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 127.65 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 127.65 80.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 632.65 m 309 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 632.65 m 391 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 632.65 m 395 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 632.65 m 479 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 632.65 m 483 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 632.65 m 563 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 632.65 m 309 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 632.65 m 391 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 618.65 m 391 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 632.65 m 395 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 618.65 m 395 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 632.65 m 479 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 618.65 m 479 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 632.65 m 483 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 618.65 m 483 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 632.65 m 563 632.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 618.65 m 391 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 604.65 m 391 604.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 618.65 m 395 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 618.65 m 479 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 604.65 m 479 604.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 618.65 m 483 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 618.65 m 563 618.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 604.65 m 563 604.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 483.65 m 391 483.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 469.65 m 391 469.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 483.65 m 479 483.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 469.65 m 479 469.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 483.65 m 563 483.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 469.65 m 563 469.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 469.65 m 391 469.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 456.65 m 391 456.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 454.65 m 391 454.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 469.65 m 479 469.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 456.65 m 479 456.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 454.65 m 479 454.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 469.65 m 563 469.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 456.65 m 563 456.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 454.65 m 563 454.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 381.65 m 391 381.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 381.65 m 479 381.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 381.65 m 563 381.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 307.65 m 391 307.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 307.65 m 479 307.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 307.65 m 563 307.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 233.64999999999998 m 391 233.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 233.64999999999998 m 479 233.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 233.64999999999998 m 563 233.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 233.64999999999998 m 391 233.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 219.64999999999998 m 391 219.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 233.64999999999998 m 479 233.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 219.64999999999998 m 479 219.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 233.64999999999998 m 563 233.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 219.64999999999998 m 563 219.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 159.64999999999998 m 391 159.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 159.64999999999998 m 479 159.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 159.64999999999998 m 563 159.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 146.64999999999998 m 391 146.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 144.64999999999998 m 391 144.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 146.64999999999998 m 479 146.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 144.64999999999998 m 479 144.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 146.64999999999998 m 563 146.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 144.64999999999998 m 563 144.64999999999998 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 151.25 637.11 Td (Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 623.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.55 623.11 Td (For the Three Months Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 609.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.10 609.11 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.35 609.11 Td (September 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.10 609.11 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 595.11 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.65 594.90 Td (\(inthousands,exceptpershareamounts\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 581.11 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 581.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 581.11 Td (25,465) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 581.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 581.11 Td (16,364) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 581.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 581.11 Td (15,032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 567.11 Td (Less reconciling items:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.50 567.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 567.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 567.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 553.11 Td (Unrealized gains on financial derivatives and hedging activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 553.11 Td (17,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 553.11 Td (1,460) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 553.11 Td (2,743) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 539.11 Td (Unrealized \(losses\)/gains on trading securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 539.11 Td (\(474) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.50 539.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 539.11 Td (1,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 539.11 Td (696) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 525.11 Td (Amortization of premiums/discounts and deferred gains on assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 516.11 Td (consolidated at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 516.11 Td (\(40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.50 516.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 516.11 Td (\(157) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 516.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 516.11 Td (\(263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 516.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 502.11 Td (Net effects of settlements on agency forward contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 502.11 Td (1,024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 502.11 Td (464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 502.11 Td (\(162) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 502.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 488.11 Td (Income tax effect related to reconciling items) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.25 488.11 Td (\(6,210) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.50 488.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 488.11 Td (\(1,032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 488.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 488.11 Td (\(1,055) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 488.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 474.11 Td (Sub-total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 474.11 Td (11,533) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 474.11 Td (1,917) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 474.11 Td (1,959) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 460.11 Td (Core earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 460.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 460.11 Td (13,932) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 460.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 460.11 Td (14,447) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 460.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 460.11 Td (13,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 442.11 Td (Composition of Core Earnings:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 428.11 Td (Revenues:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 414.11 Td (Net ef) Tj ET Q q 0 0 0 rg BT 80.57 414.11 Td (fective spread) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 130.79 418.19 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 414.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 414.11 Td (31,928) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 414.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 414.11 Td (32,199) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 414.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 414.11 Td (29,949) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 400.11 Td (Guarantee and commitment fees) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 175.20 404.19 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 400.11 Td (5,158) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 400.11 Td (4,533) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 400.11 Td (4,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 386.11 Td (Other) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 78.99 390.19 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 386.11 Td (1,189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 386.11 Td (\(32) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 386.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 386.11 Td (\(284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 386.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 372.11 Td (Total revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 372.11 Td (38,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 372.11 Td (36,700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 372.11 Td (34,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 354.11 Td (Credit related expense/\(income\) \(GAAP\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 340.11 Td (Provision for/\(release of\) losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 340.11 Td (512) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 340.11 Td (\(31) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 340.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.50 340.11 Td (\(49) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 340.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 326.11 Td (REO operating expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 326.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.50 326.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 326.11 Td (44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 312.11 Td (Gains on sale of REO) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 312.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 312.11 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 312.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 312.11 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 298.11 Td (Total credit related expense/\(income\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 298.11 Td (512) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 298.11 Td (\(46) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 298.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.00 298.11 Td (\(5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 298.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 280.11 Td (Operating expenses \(GAAP\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 266.11 Td (Compensation and employee benefits) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 266.11 Td (5,949) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 266.11 Td (5,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 266.11 Td (5,385) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 252.11 Td (General and administrative) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 252.11 Td (4,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 252.11 Td (3,474) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 252.11 Td (3,238) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 238.11 Td (Regulatory fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 238.11 Td (625) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 238.11 Td (613) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 238.11 Td (613) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 224.11 Td (Total operating expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 224.11 Td (10,926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 224.11 Td (9,525) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 224.11 Td (9,236) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 206.11 Td (Net earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 206.11 Td (26,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 206.11 Td (27,221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 206.11 Td (25,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 192.11 Td (Income tax expense) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 129.97 196.19 Td (\(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 192.11 Td (9,581) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 192.11 Td (9,497) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 192.11 Td (8,855) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 178.11 Td (Net income/\(loss\) attributable to non-controlling interest \(GAAP\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 178.11 Td (28) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 178.11 Td (\(18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 178.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.50 178.11 Td (\(60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 178.11 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 164.11 Td (Preferred stock dividends \(GAAP\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 164.11 Td (3,296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 164.11 Td (3,295) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 164.11 Td (3,296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.50 150.11 Td (Core earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 150.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.75 150.11 Td (13,932) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 150.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 150.11 Td (14,447) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 150.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 150.11 Td (13,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 132.11 Td (Core earnings per share:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 118.11 Td ( Basic) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 118.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 118.11 Td (1.33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 118.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 118.11 Td (1.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 118.11 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 118.11 Td (1.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 104.11 Td ( Diluted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 104.11 Td (1.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 104.11 Td (1.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 104.11 Td (1.17) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 747.13 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 743.50 Td (Net ef) Tj ET Q q 0 0 0 rg BT 87.12 743.50 Td (fective spread is a non-GAAP) Tj ET Q q 0 0 0 rg BT 182.80 743.50 Td ( measure. See below for a reconciliation of net interest income to net ef) Tj ET Q q 0 0 0 rg BT 413.01 743.50 Td (fective spread.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 737.52 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 733.90 Td (Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 724.30 Td (commitment fees to reflect management's view that the net interest income Farmer Mac earns is ef) Tj ET Q q 0 0 0 rg BT 382.68 724.30 Td (fectively a guarantee fee on the consolidated Farmer ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 714.70 Td (Mac Guaranteed Securities.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 708.73 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 705.10 Td (Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and fair value ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 695.50 Td (adjustments on financial derivatives and trading assets and a reconciling adjustment to exclude the recognition of deferred gains over the estimated lives ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 685.90 Td (of certain Farmer Mac Guaranteed Securities and USDA) Tj ET Q q 0 0 0 rg BT 248.55 685.90 Td ( Securities. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 679.92 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 676.30 Td (Includes the tax impact of non-GAAP) Tj ET Q q 0 0 0 rg BT 188.73 676.30 Td ( reconciling items between net income attributable to common stockholders and core earnings. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 600.80 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 600.80 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 600.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 600.80 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 572.80 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 572.80 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 572.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 572.80 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 544.80 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 544.80 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 544.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 544.80 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 516.80 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 516.80 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 516.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 516.80 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 488.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 488.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 488.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 488.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 458.80 346.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 458.80 80.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 458.80 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 458.80 79.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 439.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 439.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 439.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 439.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 409.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 409.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 409.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 409.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 379.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 379.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 379.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 379.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 360.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 360.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 360.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 360.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 330.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 330.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 330.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 330.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 300.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 300.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 300.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 300.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 281.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 281.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 281.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 281.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 251.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 251.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 251.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 251.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 221.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 221.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 221.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 221.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 202.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 202.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 202.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 202.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 172.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 172.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 172.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 172.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 142.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 142.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 142.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 142.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 123.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 123.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 123.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 123.80 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 93.80 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 93.80 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 93.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 93.80 79.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51 644.8 m 397 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 644.8 m 477 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 644.8 m 481 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 644.8 m 560 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51 644.8 m 397 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 644.8 m 477 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 629.8 m 477 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 644.8 m 481 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 629.8 m 481 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 644.8 m 560 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 629.8 m 560 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 629.8 m 477 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 615.8 m 477 615.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 629.8 m 560 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 615.8 m 560 615.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 488.79999999999995 m 477 488.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 488.79999999999995 m 560 488.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 488.79999999999995 m 477 488.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 473.79999999999995 m 477 473.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 488.79999999999995 m 560 488.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 473.79999999999995 m 560 473.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 473.79999999999995 m 477 473.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 459.79999999999995 m 477 459.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 457.79999999999995 m 477 457.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 473.79999999999995 m 560 473.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 459.79999999999995 m 560 459.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 457.79999999999995 m 560 457.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 379.79999999999995 m 477 379.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 379.79999999999995 m 560 379.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 379.79999999999995 m 477 379.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 379.79999999999995 m 560 379.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 300.79999999999995 m 477 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 300.79999999999995 m 560 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 300.79999999999995 m 477 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 300.79999999999995 m 560 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 221.79999999999995 m 477 221.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 221.79999999999995 m 560 221.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 221.79999999999995 m 477 221.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 206.79999999999995 m 477 206.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 221.79999999999995 m 560 221.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 206.79999999999995 m 560 206.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 142.79999999999995 m 477 142.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 142.79999999999995 m 560 142.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 142.79999999999995 m 477 142.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 128.79999999999995 m 477 128.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 126.79999999999995 m 477 126.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 142.79999999999995 m 560 142.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 128.79999999999995 m 560 128.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 126.79999999999995 m 560 126.79999999999995 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.25 649.26 Td (Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.25 634.26 Td (For the Year Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.10 620.26 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.60 620.26 Td (December 31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.15 605.05 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 591.26 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 591.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 591.26 Td (64,152) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 591.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 591.26 Td (47,371) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 577.26 Td (Less reconciling items:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 577.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 577.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 563.26 Td (Unrealized gains on financial derivatives and hedging activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 563.26 Td (13,628) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 563.26 Td (10,924) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 549.26 Td (Unrealized gains on trading securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.25 549.26 Td (1,460) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 549.26 Td (1,220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 535.26 Td (Amortization of premiums/discounts and deferred gains on assets consolidated at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 535.26 Td (\(849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 535.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 535.26 Td (\(1,319) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 535.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 521.26 Td (Net effects of settlements on agency forward contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.25 521.26 Td (1,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.00 521.26 Td (\(607) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 521.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 507.26 Td (Loss on retirement of Farmer Mac II LLC Preferred Stock) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 269.18 511.34 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 507.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 507.26 Td (\(8,147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 507.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 493.26 Td (Income tax effect related to reconciling items) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 493.26 Td (\(5,577) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 493.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 493.26 Td (\(1,675) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 493.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.50 478.26 Td (Sub-total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 478.26 Td (10,361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 478.26 Td (396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 463.26 Td (Core earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 463.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 463.26 Td (53,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 463.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 463.26 Td (46,975) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 444.26 Td (Composition of Core Earnings:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 429.26 Td (Revenues:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 414.26 Td (Net ef) Tj ET Q q 0 0 0 rg BT 81.57 414.26 Td (fective spread) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 131.79 418.34 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 414.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.25 414.26 Td (125,102) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 414.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 414.26 Td (119,380) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 399.26 Td (Guarantee and commitment fees) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 176.20 403.34 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 399.26 Td (19,170) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 399.26 Td (17,155) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 384.26 Td (Other) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 79.99 388.34 Td (\(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.00 384.26 Td (515) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.00 384.26 Td (\(806) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 384.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.50 369.26 Td (Total revenues) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.25 369.26 Td (144,787) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 369.26 Td (135,729) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 350.26 Td (Credit related expense \(GAAP\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 335.26 Td (Provision for losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.25 335.26 Td (1,002) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 335.26 Td (208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 320.26 Td (REO operating expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.50 320.26 Td (39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.50 320.26 Td (91) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 305.26 Td (\(Gains\)/losses on sale of REO) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 305.26 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 305.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.00 305.26 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.50 290.26 Td (Total credit related expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.25 290.26 Td (1,026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 290.26 Td (300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 271.26 Td (Operating expenses \(GAAP\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 256.26 Td (Compensation and employee benefits) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 256.26 Td (22,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 256.26 Td (22,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 241.26 Td (General and administrative) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 241.26 Td (15,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 241.26 Td (13,111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 226.26 Td (Regulatory fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.25 226.26 Td (2,463) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 226.26 Td (2,413) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.50 211.26 Td (Total operating expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 211.26 Td (40,344) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 211.26 Td (37,571) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.50 192.26 Td (Net earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.25 192.26 Td (103,417) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 192.26 Td (97,858) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 177.26 Td (Income tax expense) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 130.97 181.34 Td (\(5\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 177.26 Td (36,478) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 177.26 Td (32,562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 162.26 Td (Net \(loss\)/income attributable to non-controlling interest \(GAAP\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 162.26 Td (\(34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 162.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 162.26 Td (5,139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 147.26 Td (Preferred stock dividends \(GAAP\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 147.26 Td (13,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 147.26 Td (13,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.50 132.26 Td (Core earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 132.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.75 132.26 Td (53,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 132.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 132.26 Td (46,975) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 113.26 Td (Core earnings per share:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 98.26 Td ( Basic) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 98.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.75 98.26 Td (5.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 98.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.75 98.26 Td (4.29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.50 83.26 Td ( Diluted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.75 83.26 Td (5.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.75 83.26 Td (4.15) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 73.33 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 69.70 Td (Relates to the write-of) Tj ET Q q 0 0 0 rg BT 138.66 69.70 Td (f of deferred issuance costs as a result of the retirement of Farmer II LLC Preferred Stock.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 63.73 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 60.10 Td (Net ef) Tj ET Q q 0 0 0 rg BT 87.12 60.10 Td (fective spread is a non-GAAP) Tj ET Q q 0 0 0 rg BT 182.80 60.10 Td ( measure. See below for a reconciliation of net interest income to net ef) Tj ET Q q 0 0 0 rg BT 413.01 60.10 Td (fective spread.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 747.13 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 743.50 Td (Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 733.90 Td (commitment fees to reflect management's view that the net interest income Farmer Mac earns is ef) Tj ET Q q 0 0 0 rg BT 382.68 733.90 Td (fectively a guarantee fee on the consolidated Farmer ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 724.30 Td (Mac Guaranteed Securities.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 718.33 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 714.70 Td (Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and fair value ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 705.10 Td (adjustments on financial derivatives and trading assets and a reconciling adjustment to exclude the recognition of deferred gains over the estimated lives ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 695.50 Td (of certain Farmer Mac Guaranteed Securities and USDA) Tj ET Q q 0 0 0 rg BT 248.55 695.50 Td ( Securities. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 689.52 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 685.90 Td (Includes the tax impact of non-GAAP) Tj ET Q q 0 0 0 rg BT 188.73 685.90 Td ( reconciling items between net income attributable to common stockholders and core earnings. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 598.80 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 598.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 598.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 598.80 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 598.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 598.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 598.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 598.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 598.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 598.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 568.80 211.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 568.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 568.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 568.80 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 568.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 568.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 568.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 568.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 568.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 568.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 530.80 211.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 530.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 530.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 530.80 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 530.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 530.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 530.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 530.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 530.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 530.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 492.80 211.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 492.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 492.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 492.80 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 492.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 492.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 492.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 492.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 492.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 492.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 454.80 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 454.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 454.80 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 454.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 454.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 454.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 424.80 211.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 424.80 57.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 424.80 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 424.80 58.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 424.80 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 424.80 57.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 424.80 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 424.80 57.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 424.80 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 424.80 57.00 -8.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 650.8 m 260 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 650.8 m 317 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 650.8 m 321 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 650.8 m 379 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 650.8 m 383 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 650.8 m 440 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 650.8 m 444 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 650.8 m 501 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 650.8 m 317 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 636.8 m 317 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 650.8 m 321 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 636.8 m 321 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 650.8 m 379 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 636.8 m 379 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 636.8 m 383 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 650.8 m 440 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 636.8 m 440 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 650.8 m 444 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 650.8 m 501 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 636.8 m 501 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 650.8 m 505 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 636.8 m 505 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 650.8 m 562 650.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 636.8 m 562 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 613.8 m 317 613.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 636.8 m 379 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 613.8 m 379 613.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 613.8 m 440 613.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 636.8 m 501 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 613.8 m 501 613.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 636.8 m 505 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 636.8 m 562 636.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 613.8 m 562 613.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 454.8 m 501 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 454.8 m 505 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 454.8 m 562 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 454.8 m 317 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 439.8 m 317 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 454.8 m 379 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 439.8 m 379 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 454.8 m 440 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 439.8 m 440 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 454.8 m 501 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 439.8 m 501 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 454.8 m 562 454.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 439.8 m 562 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 439.8 m 317 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 425.8 m 317 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 423.8 m 317 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 439.8 m 379 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 425.8 m 379 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 423.8 m 379 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 439.8 m 440 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 425.8 m 440 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 423.8 m 440 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 439.8 m 501 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 425.8 m 501 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 423.8 m 501 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 439.8 m 562 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 425.8 m 562 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 423.8 m 562 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 423.8 m 317 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 425.8 m 317 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 423.8 m 379 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 425.8 m 379 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 423.8 m 440 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 425.8 m 440 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 423.8 m 501 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 425.8 m 501 425.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 423.8 m 562 423.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 425.8 m 562 425.8 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 135.55 655.26 Td (Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 641.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.55 641.26 Td (For the Three Months Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 641.26 Td (For the Year Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 618.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.75 627.26 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 618.26 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 627.26 Td (September 30,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.50 618.26 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.75 627.26 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 618.26 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.75 627.26 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 618.26 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 627.26 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.00 618.26 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.65 603.05 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 588.26 Td (GAAP - Basic EPS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.50 588.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 588.26 Td (2.42) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 588.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 588.26 Td (1.56) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.50 588.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 588.26 Td (1.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 588.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 588.26 Td (6.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.50 588.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 588.26 Td (4.33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 573.26 Td (Less reconciling items:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 559.26 Td (Unrealized gains on financial derivatives and hedging) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 550.26 Td (activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 550.26 Td (1.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 550.26 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 550.26 Td (0.25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 550.26 Td (1.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 550.26 Td (1.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 535.26 Td (Unrealized \(losses\)gains on trading securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.75 535.26 Td (\(0.05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 535.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 535.26 Td (0.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 535.26 Td (0.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 535.26 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 535.26 Td (0.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 521.26 Td (Amortization of premiums/discounts and deferred) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 512.26 Td (gains on assets consolidated at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.50 512.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 512.26 Td (\(0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 512.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 512.26 Td (\(0.02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.50 512.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 512.26 Td (\(0.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.50 512.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.75 512.26 Td (\(0.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 512.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 497.26 Td (Net effects of settlements on agency forward contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 497.26 Td (0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 497.26 Td (0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 497.26 Td (\(0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.50 497.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 497.26 Td (0.16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.75 497.26 Td (\(0.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 497.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 483.26 Td (Loss on retirement of Farmer Mac II LLC Preferred) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 474.26 Td (Stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.50 474.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.50 474.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 474.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.50 474.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.75 474.26 Td (\(0.74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 474.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 459.26 Td (Income tax effect related to reconciling items) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.75 459.26 Td (\(0.59) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 459.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 459.26 Td (\(0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 459.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 459.26 Td (\(0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.50 459.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 459.26 Td (\(0.53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.50 459.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.75 459.26 Td (\(0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 459.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 444.26 Td (Sub-total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 444.26 Td (1.09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 444.26 Td (0.18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 444.26 Td (0.18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 444.26 Td (0.99) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 444.26 Td (0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 429.26 Td (Core Earnings - Basic EPS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.50 429.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 429.26 Td (1.33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 429.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 429.26 Td (1.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.50 429.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 429.26 Td (1.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 429.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 429.26 Td (5.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.50 429.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 429.26 Td (4.29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 407.26 Td (Shares used in per share calculation \(GAAP and Core) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 398.26 Td (Earnings\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 398.26 Td (10,512) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.75 398.26 Td (10,473) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 398.26 Td (10,822) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.75 398.26 Td (10,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 398.26 Td (10,949) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 304.80 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 304.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 304.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 304.80 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 304.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 304.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 304.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 304.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 304.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 304.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 274.80 211.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 274.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 274.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 274.80 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 274.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 274.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 274.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 274.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 274.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 274.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 236.80 211.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 236.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 236.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 236.80 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 236.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 236.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 236.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 236.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 236.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 236.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 198.80 211.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 198.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 198.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 198.80 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 198.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 198.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 198.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 198.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 198.80 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 198.80 57.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 160.80 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 160.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 160.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 160.80 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 160.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 160.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 160.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 160.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 160.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 160.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 130.80 211.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 130.80 57.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 130.80 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 130.80 58.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 130.80 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 130.80 57.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 130.80 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 130.80 57.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 130.80 4.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 130.80 57.00 -8.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 357.79999999999995 m 260 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 357.79999999999995 m 317 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 357.79999999999995 m 321 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 357.79999999999995 m 379 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 357.79999999999995 m 383 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 357.79999999999995 m 440 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 357.79999999999995 m 444 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 357.79999999999995 m 501 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 357.79999999999995 m 317 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 342.79999999999995 m 317 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 357.79999999999995 m 321 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 342.79999999999995 m 321 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 357.79999999999995 m 379 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 342.79999999999995 m 379 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 357.79999999999995 m 383 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 342.79999999999995 m 383 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 357.79999999999995 m 440 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 342.79999999999995 m 440 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 357.79999999999995 m 444 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 357.79999999999995 m 501 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 342.79999999999995 m 501 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 357.79999999999995 m 505 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 342.79999999999995 m 505 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 357.79999999999995 m 562 357.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 342.79999999999995 m 562 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 319.79999999999995 m 317 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 342.79999999999995 m 379 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 319.79999999999995 m 379 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 319.79999999999995 m 440 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 342.79999999999995 m 501 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 319.79999999999995 m 501 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 342.79999999999995 m 505 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 342.79999999999995 m 562 342.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 319.79999999999995 m 562 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 319.79999999999995 m 317 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 319.79999999999995 m 379 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 319.79999999999995 m 440 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 319.79999999999995 m 501 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 319.79999999999995 m 562 319.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 160.79999999999995 m 317 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 160.79999999999995 m 379 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 160.79999999999995 m 383 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 160.79999999999995 m 440 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 160.79999999999995 m 501 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 160.79999999999995 m 562 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 160.79999999999995 m 317 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 145.79999999999995 m 317 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 160.79999999999995 m 379 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 145.79999999999995 m 379 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 160.79999999999995 m 440 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 145.79999999999995 m 440 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 160.79999999999995 m 501 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 145.79999999999995 m 501 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 160.79999999999995 m 562 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 145.79999999999995 m 562 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 145.79999999999995 m 317 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 131.79999999999995 m 317 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 129.79999999999995 m 317 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 145.79999999999995 m 379 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 131.79999999999995 m 379 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 129.79999999999995 m 379 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 145.79999999999995 m 440 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 131.79999999999995 m 440 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 129.79999999999995 m 440 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 145.79999999999995 m 501 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 131.79999999999995 m 501 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 129.79999999999995 m 501 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 145.79999999999995 m 562 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 131.79999999999995 m 562 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 129.79999999999995 m 562 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 129.79999999999995 m 317 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 131.79999999999995 m 317 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 129.79999999999995 m 379 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 131.79999999999995 m 379 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 129.79999999999995 m 383 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 131.79999999999995 m 383 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 129.79999999999995 m 440 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 131.79999999999995 m 440 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 129.79999999999995 m 501 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 131.79999999999995 m 501 131.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 129.79999999999995 m 562 129.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 131.79999999999995 m 562 131.79999999999995 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 128.55 362.26 Td (Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 347.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.55 347.26 Td (For the Three Months Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 347.26 Td (For the Year Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 324.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.75 333.26 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 324.26 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 333.26 Td (September 30,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.50 324.26 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.75 333.26 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 324.26 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.75 333.26 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 324.26 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 333.26 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.00 324.26 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.65 309.05 Td (\(in thousands, except per share amounts\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 294.26 Td (GAAP - Diluted EPS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.50 294.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 294.26 Td (2.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 294.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 294.26 Td (1.54) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.50 294.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 294.26 Td (1.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 294.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.40 294.26 Td (5.97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.50 294.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.40 294.26 Td (4.19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 279.26 Td (Less reconciling items:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 265.26 Td (Unrealized gains on financial derivatives and hedging) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 256.26 Td (activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 256.26 Td (1.60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 256.26 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 256.26 Td (0.24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.40 256.26 Td (1.26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.40 256.26 Td (0.97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 241.26 Td (Unrealized \(losses\)gains on trading securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.75 241.26 Td (\(0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 241.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 241.26 Td (0.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 241.26 Td (0.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.40 241.26 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.40 241.26 Td (0.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 227.26 Td (Amortization of premiums/discounts and deferred) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 218.26 Td (gains on assets consolidated at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.50 218.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 218.26 Td (\(0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 218.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 218.26 Td (\(0.02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.50 218.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.40 218.26 Td (\(0.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.15 218.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.40 218.26 Td (\(0.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.15 218.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 203.26 Td (Net effects of settlements on agency forward contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 203.26 Td (0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 203.26 Td (0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 203.26 Td (\(0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.50 203.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.40 203.26 Td (0.16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.40 203.26 Td (\(0.05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.15 203.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 189.26 Td (Loss on retirement of Farmer Mac II LLC Preferred) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 180.26 Td (Stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.50 180.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.50 180.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 180.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.15 180.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.40 180.26 Td (\(0.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.15 180.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 165.26 Td (Income tax effect related to reconciling items) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.75 165.26 Td (\(0.58) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.50 165.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 165.26 Td (\(0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 165.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 165.26 Td (\(0.09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.50 165.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.40 165.26 Td (\(0.52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.15 165.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.40 165.26 Td (\(0.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.15 165.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 150.26 Td (Sub-total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 150.26 Td (1.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 150.26 Td (0.18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 150.26 Td (0.18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.40 150.26 Td (0.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.40 150.26 Td (0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 135.26 Td (Core Earnings - Diluted EPS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.50 135.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.75 135.26 Td (1.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 135.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 135.26 Td (1.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.50 135.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.75 135.26 Td (1.17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 135.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.40 135.26 Td (5.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.50 135.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.40 135.26 Td (4.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 113.26 Td (Shares used in per share calculation \(GAAP and Core) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 104.26 Td (Earnings\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 104.26 Td (10,700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.75 104.26 Td (10,649) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 104.26 Td (11,167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.40 104.26 Td (10,745) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.40 104.26 Td (11,309) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (The following table presents a reconciliation of net interest income and net yield to net ef) Tj ET Q q 0 0 0 rg BT 478.14 740.70 Td (fective spread:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 645.80 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 645.80 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.00 645.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 645.80 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 645.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 645.80 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 645.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 645.80 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 645.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 645.80 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 645.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.00 645.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.80 98.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 608.80 42.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.00 608.80 34.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 608.80 43.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 608.80 34.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 608.80 41.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 608.80 34.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 608.80 41.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 608.80 34.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 608.80 41.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 608.80 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.00 608.80 34.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 535.80 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.00 535.80 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.00 535.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 535.80 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 535.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 535.80 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 535.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 535.80 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 535.80 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 535.80 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 535.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.00 535.80 34.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 701.8 m 148 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 701.8 m 190 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 701.8 m 194 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 701.8 m 228 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 701.8 m 232 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 701.8 m 275 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 701.8 m 279 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 701.8 m 313 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 701.8 m 317 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 701.8 m 358 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 701.8 m 362 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 701.8 m 396 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 701.8 m 400 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 701.8 m 441 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 701.8 m 445 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 701.8 m 479 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 701.8 m 483 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 701.8 m 524 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 701.8 m 528 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 701.8 m 562 701.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 687.8 m 190 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 687.8 m 194 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 687.8 m 228 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 687.8 m 232 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 687.8 m 275 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 687.8 m 279 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 687.8 m 313 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 687.8 m 317 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 687.8 m 358 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 687.8 m 362 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 687.8 m 396 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 687.8 m 441 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 687.8 m 445 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 687.8 m 479 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 687.8 m 483 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 687.8 m 524 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 687.8 m 528 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 687.8 m 562 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 673.8 m 194 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 687.8 m 275 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 687.8 m 279 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 673.8 m 279 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 687.8 m 313 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 673.8 m 358 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 673.8 m 362 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 673.8 m 396 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 687.8 m 441 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 673.8 m 441 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 687.8 m 445 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 673.8 m 445 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 687.8 m 479 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 673.8 m 479 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 687.8 m 524 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 673.8 m 524 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 687.8 m 528 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 673.8 m 528 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 687.8 m 562 687.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 673.8 m 562 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 673.8 m 190 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 659.8 m 190 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 673.8 m 228 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 659.8 m 228 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 673.8 m 275 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 659.8 m 275 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 673.8 m 313 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 659.8 m 313 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 659.8 m 358 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 659.8 m 396 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 673.8 m 441 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 659.8 m 441 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 673.8 m 479 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 659.8 m 479 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 659.8 m 524 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 659.8 m 562 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 535.8 m 190 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 535.8 m 228 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 535.8 m 275 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 535.8 m 313 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 535.8 m 358 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 535.8 m 396 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 535.8 m 190 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 522.8 m 190 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 520.8 m 190 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 535.8 m 228 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 522.8 m 228 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 520.8 m 228 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 535.8 m 275 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 522.8 m 275 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 520.8 m 275 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 535.8 m 313 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 522.8 m 313 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 520.8 m 313 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 535.8 m 358 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 522.8 m 358 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 520.8 m 358 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 535.8 m 396 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 522.8 m 396 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 520.8 m 396 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 535.8 m 441 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 522.8 m 441 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 520.8 m 441 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 535.8 m 479 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 522.8 m 479 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 520.8 m 479 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 535.8 m 524 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 522.8 m 524 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 520.8 m 524 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 535.8 m 562 535.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 522.8 m 562 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 520.8 m 562 520.8 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.90 706.26 Td (Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 692.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.55 692.26 Td (For the Three Months Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.75 692.26 Td (For the Year Ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 678.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 152.10 678.26 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.85 678.26 Td (September 30, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.60 678.26 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.60 678.26 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.60 678.26 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 664.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 155.25 664.26 Td (Dollars) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.75 664.26 Td (Yield) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 664.26 Td (Dollars) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 664.26 Td (Yield) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.75 664.26 Td (Dollars) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.75 664.26 Td (Yield) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.75 664.26 Td (Dollars) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.75 664.26 Td (Yield) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.75 664.26 Td (Dollars) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 664.26 Td (Yield) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 650.26 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.15 650.05 Td (\(dollars in thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 636.26 Td (Net interest income/yield) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.50 636.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 161.75 636.26 Td (36,713) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.25 636.26 Td (0.95) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 636.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 234.50 636.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 636.26 Td (35,563) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.25 636.26 Td (0.89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 636.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.50 636.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.75 636.26 Td (30,971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.25 636.26 Td (0.84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.00 636.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 636.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 636.26 Td (140,274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 636.26 Td (0.90) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 636.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 636.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.25 636.26 Td (125,807) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 636.26 Td (0.88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 636.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 622.26 Td (Net effects of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 613.26 Td (consolidated trusts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 613.26 Td (\(1,369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 186.50 613.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.25 613.26 Td (0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 613.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.00 613.26 Td (\(735) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 271.50 613.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.25 613.26 Td (0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 613.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.00 613.26 Td (\(950) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.50 613.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.25 613.26 Td (0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.00 613.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.25 613.26 Td (\(4,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.50 613.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 613.26 Td (0.03) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 613.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.25 613.26 Td (\(3,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.50 613.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 613.26 Td (0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 613.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 599.26 Td (Expense related to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 590.26 Td (undesignated financial) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 581.26 Td (derivatives) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 581.26 Td (\(3,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 186.50 581.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.25 581.26 Td (\(0.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.00 581.26 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.25 581.26 Td (\(2,807) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 271.50 581.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.25 581.26 Td (\(0.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.00 581.26 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.00 581.26 Td (\(410) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.50 581.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.25 581.26 Td (\(0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.00 581.26 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.75 581.26 Td (\(11,480) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.50 581.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 581.26 Td (\(0.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.00 581.26 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.25 581.26 Td (\(5,649) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.50 581.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.25 581.26 Td (\(0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.00 581.26 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 567.26 Td (Amortization of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 558.26 Td (premiums/discounts on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 549.26 Td (assets consolidated at) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 540.26 Td (fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 177.50 540.26 Td (79) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.00 540.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 540.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 540.26 Td (178) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.25 540.26 Td (0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 540.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 540.26 Td (338) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.25 540.26 Td (0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.00 540.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 540.26 Td (610) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 540.26 Td (0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 540.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.25 540.26 Td (2,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 540.26 Td (0.02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 540.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 526.26 Td (Net effective spread) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.50 526.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 161.75 526.26 Td (31,928) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.25 526.26 Td (0.89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 526.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 234.50 526.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 526.26 Td (32,199) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.25 526.26 Td (0.86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 526.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.50 526.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.75 526.26 Td (29,949) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.25 526.26 Td (0.85) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.00 526.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 526.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 526.26 Td (125,102) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 526.26 Td (0.86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 526.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 526.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.25 526.26 Td (119,380) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 526.26 Td (0.87) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.00 526.26 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 488.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 488.45 Td (The following table presents core earnings for Farmer Mac's reportable operating segments and a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 460.60 Td (reconciliation to consolidated net income for the three months ended December31, 2016:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 380.50 128.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 380.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 380.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 380.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 380.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 380.50 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 380.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 380.50 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 380.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 380.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 380.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 380.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 380.50 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 380.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 354.50 128.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 354.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 354.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 354.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 354.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 354.50 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 354.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 354.50 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 354.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 354.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 354.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 354.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 354.50 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 354.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 328.50 128.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 328.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 328.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 328.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 328.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 328.50 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 328.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 328.50 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 328.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 328.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 328.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 328.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 328.50 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 328.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 302.50 128.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 302.50 45.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 302.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 302.50 44.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 302.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 302.50 46.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 302.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 302.50 58.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 302.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 302.50 45.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 302.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 302.50 52.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 302.50 17.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 302.50 53.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 283.50 128.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 283.50 45.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 283.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 283.50 44.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 283.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 283.50 46.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 283.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 283.50 58.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 283.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 283.50 45.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 283.50 4.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 283.50 52.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 283.50 17.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 283.50 53.00 -6.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 264.50 128.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 264.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 264.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 264.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 264.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 264.50 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 264.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 264.50 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 264.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 264.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 264.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 264.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 264.50 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 264.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 238.50 128.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 238.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 238.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 238.50 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 238.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 238.50 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 238.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 238.50 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 238.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 238.50 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 238.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 238.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 238.50 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 238.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 212.50 128.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 212.50 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 212.50 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 212.50 44.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 212.50 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 212.50 46.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 212.50 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 212.50 58.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 212.50 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 212.50 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 212.50 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 212.50 52.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 212.50 17.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 212.50 53.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 162.50 128.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 162.50 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 162.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 162.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 162.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 162.50 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 162.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 162.50 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 162.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 162.50 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 162.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 162.50 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 162.50 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 162.50 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 128.50 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 128.50 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 128.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 128.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 128.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 128.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 128.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 128.50 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 128.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 128.50 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 128.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 128.50 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 128.50 17.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 128.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 100.50 128.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 100.50 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 100.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 100.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 100.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 100.50 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 100.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 100.50 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 100.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 100.50 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 100.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 100.50 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 100.50 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 100.50 53.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51.5 414.5 m 179.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 414.5 m 224.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 414.5 m 228.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 414.5 m 272.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 414.5 m 276.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 414.5 m 322.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 414.5 m 326.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 414.5 m 384.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 414.5 m 388.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 414.5 m 433.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 414.5 m 437.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 414.5 m 489.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 414.5 m 506.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 414.5 m 559.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 393.5 m 224.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 393.5 m 272.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 393.5 m 322.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 414.5 m 384.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 393.5 m 384.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 393.5 m 433.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 414.5 m 489.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 393.5 m 489.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 414.5 m 506.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 414.5 m 559.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 393.5 m 559.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 354.5 m 224.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 354.5 m 272.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 354.5 m 322.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 354.5 m 384.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 354.5 m 433.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 354.5 m 489.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 315.5 m 224.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 315.5 m 272.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 315.5 m 322.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 315.5 m 384.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 315.5 m 433.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 315.5 m 489.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 315.5 m 559.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 251.5 m 224.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 238.5 m 224.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 251.5 m 272.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 238.5 m 272.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 251.5 m 322.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 238.5 m 322.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 251.5 m 384.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 238.5 m 384.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 251.5 m 433.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 238.5 m 433.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 251.5 m 489.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 238.5 m 489.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 251.5 m 559.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 238.5 m 559.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 238.5 m 224.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 238.5 m 559.5 238.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 212.5 m 224.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 212.5 m 272.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 212.5 m 322.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 212.5 m 384.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 212.5 m 433.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 212.5 m 489.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 212.5 m 559.5 212.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 141.5 m 224.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 129.5 m 224.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 127.5 m 224.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 141.5 m 272.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 129.5 m 272.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 127.5 m 272.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 141.5 m 322.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 129.5 m 322.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 127.5 m 322.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 141.5 m 384.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 129.5 m 384.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 127.5 m 384.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 141.5 m 433.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 129.5 m 433.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 127.5 m 433.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 141.5 m 489.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 129.5 m 489.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 127.5 m 489.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 141.5 m 559.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 129.5 m 559.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 127.5 m 559.5 127.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.75 431.75 Td (Core Earnings by Business Segment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.40 418.75 Td (For the Three Months Ended December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.90 405.75 Td (Farm &) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.25 397.75 Td (Ranch) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.30 405.75 Td (USDA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.00 397.75 Td (Guarantees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.10 405.75 Td (Rural) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.10 397.75 Td (Utilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.65 405.75 Td (Institutional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.00 397.75 Td (Credit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 397.75 Td (Corporate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.65 405.75 Td (Reconciling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.75 397.75 Td (Adjustments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.35 405.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.70 397.75 Td (Net Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 384.75 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 348.85 384.54 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 371.75 Td (Net interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.00 371.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.25 371.75 Td (12,447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 371.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.25 371.75 Td (6,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.00 371.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.25 371.75 Td (3,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.00 371.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 371.75 Td (12,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 371.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.25 371.75 Td (2,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.00 371.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 371.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 371.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 371.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 371.75 Td (36,713) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.00 358.75 Td (Less: reconciling adjustments) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 155.09 362.38 Td (\(1\)\(2\)\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.60 358.75 Td (\(2,098) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.30 358.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.60 358.75 Td (\(788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 358.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.60 358.75 Td (\(434) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 358.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.60 358.75 Td (\(1,045) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 358.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 358.75 Td (\(420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 358.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.30 358.75 Td (4,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 358.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 345.75 Td (Net effective spread) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.25 345.75 Td (10,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.25 345.75 Td (5,334) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.25 345.75 Td (2,623) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 345.75 Td (11,627) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.25 345.75 Td (1,995) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.30 345.75 Td (4,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.30 345.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 332.75 Td (Guarantee and commitment fees) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 157.73 336.38 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.25 332.75 Td (4,152) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 332.75 Td (51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.30 332.75 Td (497) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 332.75 Td (458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 332.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.60 332.75 Td (\(1,369) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 332.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.30 332.75 Td (3,789) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 319.75 Td (Other income) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 97.76 323.38 Td (\(3\)\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.30 319.75 Td (88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 319.75 Td (44) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 319.75 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 319.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.25 319.75 Td (1,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.25 319.75 Td (14,327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 319.75 Td (15,518) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.00 306.75 Td (Non-interest income/\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.25 306.75 Td (4,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 306.75 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.30 306.75 Td (499) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 306.75 Td (458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.25 306.75 Td (1,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.25 306.75 Td (12,958) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 306.75 Td (19,307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 287.75 Td (Provision for loan losses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.60 287.75 Td (\(461) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.30 287.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 287.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 287.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 287.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 287.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 287.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 287.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.60 287.75 Td (\(461) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 287.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 268.75 Td (Provision for reserve for losses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.60 268.75 Td (\(51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.30 268.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.60 268.75 Td (\(51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 268.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 255.75 Td (Other non-interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.60 255.75 Td (\(4,260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.30 255.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.60 255.75 Td (\(1,082) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 255.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.60 255.75 Td (\(642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 255.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.60 255.75 Td (\(1,456) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 255.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.60 255.75 Td (\(3,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 255.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 255.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 255.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.60 255.75 Td (\(10,926) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 255.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.00 242.75 Td (Non-interest expense) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 127.75 246.38 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.60 242.75 Td (\(4,311) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.30 242.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.60 242.75 Td (\(1,082) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 242.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.60 242.75 Td (\(642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 242.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.60 242.75 Td (\(1,456) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 242.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.60 242.75 Td (\(3,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 242.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 242.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 242.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.60 242.75 Td (\(10,977) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 242.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 229.75 Td (Core earnings before income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.25 229.75 Td (9,817) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.25 229.75 Td (4,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.25 229.75 Td (2,480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 229.75 Td (10,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 229.75 Td (\(434) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 229.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.25 229.75 Td (17,743) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 492.00 233.86 Td (\(6\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 229.75 Td (44,582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 216.75 Td (Income tax \(expense\)/benefit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.60 216.75 Td (\(3,436) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.30 216.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.60 216.75 Td (\(1,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 216.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.60 216.75 Td (\(868) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 216.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.60 216.75 Td (\(3,720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 216.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.60 216.75 Td (\(38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 216.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.60 216.75 Td (\(6,210) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.30 216.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.60 216.75 Td (\(15,793) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 216.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.00 203.75 Td (Core earnings before preferred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.00 195.75 Td (stock dividends and attribution of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.00 187.75 Td (income to non-controlling interest -) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.00 179.75 Td (preferred stock dividends) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.25 179.75 Td (6,381) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.25 179.75 Td (2,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.25 179.75 Td (1,612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.30 179.75 Td (6,909) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 179.75 Td (\(472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 179.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.25 179.75 Td (11,533) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 492.00 183.86 Td (\(6\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 179.75 Td (28,789) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 166.75 Td (Preferred stock dividends) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.30 166.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 166.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 166.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 166.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.60 166.75 Td (\(3,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 166.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 166.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 166.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.60 166.75 Td (\(3,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 166.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 153.75 Td (Non-controlling interest - preferred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 145.75 Td (stock dividends) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.30 145.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 145.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 145.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 145.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.60 145.75 Td (\(28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 145.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 145.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 145.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.60 145.75 Td (\(28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.30 145.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.00 132.75 Td (Segment core earnings/\(losses\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.00 132.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.25 132.75 Td (6,381) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 132.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.25 132.75 Td (2,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.00 132.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.25 132.75 Td (1,612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.00 132.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.30 132.75 Td (6,909) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 132.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.60 132.75 Td (\(3,796) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 132.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.00 132.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.25 132.75 Td (11,533) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 492.00 136.86 Td (\(6\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 132.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 132.75 Td (25,465) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 104.75 Td (Total assets at carrying value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.00 104.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 189.25 104.75 Td (3,582,098) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 104.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.25 104.75 Td (2,096,503) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.00 104.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.25 104.75 Td (1,012,014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.00 104.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.25 104.75 Td (6,008,574) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 104.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.25 104.75 Td (2,906,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.00 104.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 104.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 104.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 104.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.25 104.75 Td (15,606,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 91.75 Td (Total on- and off-balance sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 83.75 Td (program assets at principal balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.00 83.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 189.25 83.75 Td (6,139,304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 83.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.25 83.75 Td (2,094,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.00 83.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.25 83.75 Td (1,878,110) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.00 83.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.25 83.75 Td (7,287,686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.30 83.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.00 83.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 83.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.25 83.75 Td (17,399,475) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 71.02 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 67.40 Td (Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 57.80 Td (amounts.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 747.13 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 743.50 Td (Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 733.90 Td (reflect management's view that the net interest income Farmer Mac earns is ef) Tj ET Q q 0 0 0 rg BT 317.14 733.90 Td (fectively a guarantee fee. ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 727.92 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 724.30 Td (Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/\(losses\) on financial ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 714.70 Td (derivatives and hedging activities" on the consolidated financial statements, to determine the ef) Tj ET Q q 0 0 0 rg BT 372.08 714.70 Td (fective funding cost for each operating segment.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 708.73 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 705.10 Td (Includes reconciling adjustments for fair value adjustments on financial derivatives and trading assets. ) Tj ET Q q 0 0 0 rg BT 396.29 705.10 Td (Also includes a reconciling adjustment related to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 695.50 Td (the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA) Tj ET Q q 0 0 0 rg BT 432.70 695.50 Td ( Securities. In 2016 and prior periods, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 685.90 Td (fair value adjustments on financial derivatives included variation mar) Tj ET Q q 0 0 0 rg BT 289.50 685.90 Td (gin payment amounts because those amounts were considered to be collateral of the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 676.30 Td (related exposure and were accounted for as unrealized gains or losses. However) Tj ET Q q 0 0 0 rg BT 322.63 676.30 Td (, ef) Tj ET Q q 0 0 0 rg BT 332.70 676.30 Td (fective first quarter 2017, CME implemented a change in its rules ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 666.70 Td (related to the exchange of variation mar) Tj ET Q q 0 0 0 rg BT 194.85 666.70 Td (gin, whereby variation mar) Tj ET Q q 0 0 0 rg BT 281.34 666.70 Td (gin payments will be considered a partial settlement of the respective derivatives ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 657.10 Td (contracts rather than as pledged collateral, and accounted for as realized gains and losses. See Note 6 for more information about this rule change. Farmer ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 647.50 Td (Mac believes that even though these variation mar) Tj ET Q q 0 0 0 rg BT 228.41 647.50 Td (gin amounts will be accounted for as realized gains or losses on financial derivatives and hedging ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 637.90 Td (activities as a result of the CME rule change, their economic character will remain the same as they were before the change. ) Tj ET Q q 0 0 0 rg BT 467.85 637.90 Td (The fair value fluctuations ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 628.30 Td (related to the exchange of variation mar) Tj ET Q q 0 0 0 rg BT 194.85 628.30 Td (gin, whether considered a partial settlement of or the pledge of collateral under a derivatives contract, are not ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 618.70 Td (expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 508.05 618.70 Td ( because the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 609.10 Td (related financial instruments are expected to be held to maturity) Tj ET Q q 0 0 0 rg BT 271.13 609.10 Td (. ) Tj ET Q q 0 0 0 rg BT 274.98 609.10 Td (Therefore, beginning in 2017, this reconciling adjustment will include realized gains and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 599.50 Td (losses on financial derivatives centrally cleared through CME resulting from the exchange of variation mar) Tj ET Q q 0 0 0 rg BT 409.91 599.50 Td (gin. ) Tj ET Q q 0 0 0 rg BT 423.69 599.50 Td (As a result, core earnings subsequent to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 589.90 Td (2016 will be presented on a consistent basis with core earnings in 2016 and prior periods.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 583.92 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 580.30 Td (Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 574.33 Td (\(6\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 570.70 Td (Netadjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 561.10 Td (earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 551.50 Td (reconciled to net income attributable to common stockholders.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (Supplemental Information) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 711.90 Td (The following table sets forth information regarding outstanding volume in each of Farmer Mac's four ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 697.50 Td (lines of business as of the dates indicated:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 630.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 630.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 630.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 630.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 602.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 602.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 602.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 602.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 574.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 574.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 574.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 574.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 546.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 546.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 546.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 546.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 518.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 518.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 518.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 490.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 490.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 490.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 490.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 462.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 462.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 462.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 462.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 434.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 434.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 434.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 406.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 406.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 406.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 378.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 378.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 378.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 350.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 350.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 350.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 322.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 322.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 322.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 322.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 294.60 308.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 294.60 101.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 294.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 294.60 99.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 658.6 m 357.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 658.6 m 458.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 658.6 m 462.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 658.6 m 561.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 658.6 m 458.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 644.6 m 458.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 644.6 m 561.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 644.6 m 458.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 644.6 m 561.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 462.6 m 458.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 462.6 m 458.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 448.6 m 458.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 462.6 m 561.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 448.6 m 561.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 294.6 m 458.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 294.6 m 458.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 294.6 m 561.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 280.6 m 561.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 280.6 m 458.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 267.6 m 458.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 265.6 m 458.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 267.6 m 561.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 265.6 m 561.5 265.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 215.15 663.06 Td (Lines of Business - Outstanding Business Volume) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 649.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.10 649.06 Td (As of December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.10 649.06 Td (As of December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 635.06 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.00 634.85 Td (\(inthousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 621.06 Td (On-balance sheet:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 607.06 Td (Farm & Ranch:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 593.06 Td (Loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 593.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.00 593.06 Td (2,381,488) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 593.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 593.06 Td (2,249,864) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 579.06 Td (Loans held in trusts:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 565.06 Td (Beneficial interests owned by third party investors) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.00 565.06 Td (1,132,966) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 565.06 Td (708,111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 551.06 Td (USDA Guarantees:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 537.06 Td (USDA Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.00 537.06 Td (1,954,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 537.06 Td (1,876,451) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 523.06 Td (Farmer Mac Guaranteed USDA Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 523.06 Td (35,599) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 523.06 Td (31,554) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 509.06 Td (Rural Utilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 495.06 Td (Loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 495.06 Td (999,512) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 495.06 Td (1,008,126) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 481.06 Td (Institutional Credit:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 467.06 Td (AgVantage Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.00 467.06 Td (6,004,472) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 467.06 Td (5,439,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 453.06 Td (Total on-balance sheet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 453.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 453.06 Td (12,508,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 453.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 453.06 Td (11,313,489) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 439.06 Td (Off-balance sheet:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 425.06 Td (Farm & Ranch:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 411.06 Td (LTSPCs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 411.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.00 411.06 Td (2,209,409) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 411.06 Td (2,253,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 397.06 Td (Guaranteed Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 397.06 Td (415,441) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 397.06 Td (514,051) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 383.06 Td (USDA Guarantees:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 369.06 Td (Farmer Mac Guaranteed USDA Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 369.06 Td (103,976) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 369.06 Td (10,272) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 355.06 Td (Rural Utilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 341.06 Td (L) Tj ET Q q 0 0 0 rg BT 68.67 341.06 Td (TSPCs) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 93.69 345.14 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 341.06 Td (878,598) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 341.06 Td (522,864) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.00 327.06 Td (Institutional Credit:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 313.06 Td (AgVantage Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 313.06 Td (983,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 313.06 Td (984,871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 299.06 Td (Revolving floating rate ) Tj ET Q q 0 0 0 rg BT 149.23 299.06 Td (AgV) Tj ET Q q 0 0 0 rg BT 165.73 299.06 Td (antage facility) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 216.96 303.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 299.06 Td (300,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 299.06 Td (300,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 285.06 Td (Total off-balance sheet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 285.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.00 285.06 Td (4,890,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 285.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 285.06 Td (4,585,331) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.00 271.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 271.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 271.06 Td (17,399,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 271.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 271.06 Td (15,898,820) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 260.13 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 256.50 Td (Includes $20.0 million and $8.8 million related to one-year loan purchase commitments on which Farmer Mac receives a nominal unused commitment fee ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 246.90 Td (as of December31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 221.38 246.90 Td (.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 239.92 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 236.30 Td (As of both December31, 2016 and, 2015, this facility had not been utilized. Farmer Mac receives a fixed fee based on the full dollar amount of the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 226.70 Td (facility) Tj ET Q q 0 0 0 rg BT 89.64 226.70 Td (. If the counterparty draws on the facility) Tj ET Q q 0 0 0 rg BT 222.18 226.70 Td (, the amounts drawn will be presented as ) Tj ET Q q 0 0 0 rg BT 353.93 226.70 Td (AgV) Tj ET Q q 0 0 0 rg BT 368.59 226.70 Td (antage Securities, and Farmer Mac will earn interest income ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 217.10 Td (on those securities.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (The following table presents the quarterly net ef) Tj ET Q q 0 0 0 rg BT 280.20 740.70 Td (fective spread by segment:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 656.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 656.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 656.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.00 656.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 656.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 656.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 656.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 656.60 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 656.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 656.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 656.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 656.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 656.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 626.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 626.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 626.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.00 626.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 626.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 626.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 626.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 626.60 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 626.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 626.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 626.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 626.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 626.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 596.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 596.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 596.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.00 596.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 596.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 596.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 596.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 596.60 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 596.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 596.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 596.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 596.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 596.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 566.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 566.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 566.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.00 566.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 566.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 566.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 566.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 566.60 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 566.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 566.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 566.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 566.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 566.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 536.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 536.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 536.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.00 536.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 536.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 536.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 536.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 536.60 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 536.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 536.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 536.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 536.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.00 536.60 32.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133 705.6 m 166 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166 705.6 m 170 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 705.6 m 200 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200 705.6 m 204 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204 705.6 m 237 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 705.6 m 241 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 705.6 m 271 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 705.6 m 275 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 705.6 m 308 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 705.6 m 312 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 705.6 m 342 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 705.6 m 346 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 705.6 m 383 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 705.6 m 387 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 705.6 m 418 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133 684.6 m 166 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166 684.6 m 170 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 684.6 m 200 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204 684.6 m 237 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 684.6 m 241 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 684.6 m 271 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 684.6 m 308 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 684.6 m 312 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 684.6 m 342 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 684.6 m 383 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 684.6 m 387 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 684.6 m 418 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 684.6 m 455 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 684.6 m 459 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 684.6 m 490 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 684.6 m 526 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 684.6 m 530 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530 684.6 m 562 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133 671.6 m 166 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 671.6 m 200 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204 671.6 m 237 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 671.6 m 271 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 671.6 m 308 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 671.6 m 342 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 684.6 m 383 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 671.6 m 383 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 684.6 m 387 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 684.6 m 418 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 671.6 m 418 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 671.6 m 455 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 671.6 m 490 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 671.6 m 526 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530 671.6 m 562 671.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.60 709.85 Td (Net Effective Spread by Line of Business) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 142.20 688.85 Td (Farm & Ranch) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.30 688.85 Td (USDA Guarantees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.20 688.85 Td (Rural Utilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.15 688.85 Td (Institutional Credit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.50 688.85 Td (Corporate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.10 696.85 Td (Net Effective) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.35 688.85 Td (Spread) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.20 675.85 Td (Dollars) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 175.80 675.85 Td (Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.20 675.85 Td (Dollars) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.80 675.85 Td (Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.20 675.85 Td (Dollars) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.80 675.85 Td (Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.20 675.85 Td (Dollars) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.30 675.85 Td (Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.20 675.85 Td (Dollars) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.30 675.85 Td (Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.70 675.85 Td (Dollars) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 675.85 Td (Yield) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 316.05 660.64 Td (\(dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 645.85 Td (For the quarter ended:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 630.85 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 120.37 634.48 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.50 630.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.80 630.85 Td (10,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 630.85 Td (1.78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 630.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.50 630.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 630.85 Td (5,334) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 630.85 Td (1.08) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 630.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.50 630.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 630.85 Td (2,623) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 630.85 Td (1.05) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 630.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.50 630.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 630.85 Td (11,627) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 630.85 Td (0.78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 630.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.50 630.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 630.85 Td (1,995) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 630.85 Td (0.26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 630.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.50 630.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 630.85 Td (31,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 630.85 Td (0.89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 630.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 615.85 Td (September 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.80 615.85 Td (10,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 615.85 Td (1.90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 615.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 615.85 Td (5,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 615.85 Td (1.07) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 615.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 615.85 Td (2,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 615.85 Td (1.05) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 615.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 615.85 Td (11,427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 615.85 Td (0.75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 615.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 615.85 Td (2,237) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 615.85 Td (0.24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 615.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 615.85 Td (32,199) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 615.85 Td (0.86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 615.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 600.85 Td (June 30, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.80 600.85 Td (9,875) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 600.85 Td (1.78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 600.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 600.85 Td (4,588) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 600.85 Td (0.96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 600.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 600.85 Td (2,562) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 600.85 Td (1.03) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 600.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 600.85 Td (11,407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 600.85 Td (0.77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 600.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 600.85 Td (2,594) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 600.85 Td (0.29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 600.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 600.85 Td (31,026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 600.85 Td (0.84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 600.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 585.85 Td (March 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.80 585.85 Td (9,461) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 585.85 Td (1.71) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 585.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 585.85 Td (4,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 585.85 Td (0.91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 585.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 585.85 Td (2,538) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 585.85 Td (1.02) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 585.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 585.85 Td (11,090) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 585.85 Td (0.80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 585.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 585.85 Td (2,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 585.85 Td (0.26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 585.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 585.85 Td (29,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 585.85 Td (0.82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 585.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 570.85 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.80 570.85 Td (9,381) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 570.85 Td (1.72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 570.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 570.85 Td (4,518) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 570.85 Td (0.96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 570.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 570.85 Td (2,845) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 570.85 Td (1.14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 570.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 570.85 Td (10,899) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 570.85 Td (0.80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 570.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 570.85 Td (2,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 570.85 Td (0.26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 570.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 570.85 Td (29,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 570.85 Td (0.85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 570.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 555.85 Td (September 30, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.80 555.85 Td (9,628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 555.85 Td (1.80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 555.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 555.85 Td (4,630) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 555.85 Td (0.99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 555.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 555.85 Td (2,907) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 555.85 Td (1.18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 555.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 555.85 Td (11,271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 555.85 Td (0.81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 555.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 555.85 Td (1,951) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 555.85 Td (0.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 555.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 555.85 Td (30,387) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 555.85 Td (0.88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 555.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 540.85 Td (June 30, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.80 540.85 Td (9,681) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 540.85 Td (1.82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 540.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 540.85 Td (4,466) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 540.85 Td (0.98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 540.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 540.85 Td (2,838) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 540.85 Td (1.18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 540.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 540.85 Td (10,860) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 540.85 Td (0.78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 540.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 540.85 Td (1,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 540.85 Td (0.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 540.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 540.85 Td (29,787) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 540.85 Td (0.88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 540.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 525.85 Td (March 31, 2015) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 108.38 529.48 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.80 525.85 Td (10,114) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 525.85 Td (1.97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 525.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 525.85 Td (4,225) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 525.85 Td (0.95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 525.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 525.85 Td (2,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 525.85 Td (1.15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 525.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 525.85 Td (10,425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 525.85 Td (0.77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 525.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 525.85 Td (1,689) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 525.85 Td (0.20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 525.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 525.85 Td (29,257) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 525.85 Td (0.86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 525.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 510.85 Td (December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.80 510.85 Td (8,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.80 510.85 Td (1.71) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.80 510.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 510.85 Td (5,250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.80 510.85 Td (1.19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 510.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 510.85 Td (2,908) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 510.85 Td (1.18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 510.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.80 510.85 Td (9,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 510.85 Td (0.78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 510.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 510.85 Td (1,732) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 510.85 Td (0.26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.80 510.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 510.85 Td (28,442) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 510.85 Td (0.91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 510.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 31.50 498.13 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 494.50 Td (Net ef) Tj ET Q q 0 0 0 rg BT 69.12 494.50 Td (fective spread is a non-GAAP) Tj ET Q q 0 0 0 rg BT 164.80 494.50 Td ( measure. See "Non-GAAP) Tj ET Q q 0 0 0 rg BT 254.19 494.50 Td ( Measures" for a reconciliation of GAAP) Tj ET Q q 0 0 0 rg BT 385.12 494.50 Td ( net interest income by line of business to net ef) Tj ET Q q 0 0 0 rg BT 537.83 494.50 Td (fective ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 484.90 Td (spread by line of business.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 31.50 477.93 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 474.30 Td (Beginning in first quarter 2015, Farmer Mac revised its methodology for interest expense allocation among the Farm & Ranch, USDA) Tj ET Q q 0 0 0 rg BT 479.41 474.30 Td ( Guarantees, and Rural ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (Utilities lines of business. ) Tj ET Q q 0 0 0 rg BT 135.72 464.70 Td (As a result of this revision, a greater percentage of interest expense has been allocated to the longer) Tj ET Q q 0 0 0 rg BT 453.21 464.70 Td (-term assets included within the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (USDA) Tj ET Q q 0 0 0 rg BT 70.84 455.10 Td ( Guarantees and Rural Utilities lines of business. Net ef) Tj ET Q q 0 0 0 rg BT 250.43 455.10 Td (fective spread for periods prior to the quarter ended March 31, 2015 does not reflect this ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 445.50 Td (revision.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 740.70 Td (The following table presents quarterly core earnings reconciled to net income attributable to common ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 49.50 726.30 Td (stockholders:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 651.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 651.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 651.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 651.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 651.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 651.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 651.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 651.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 651.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 651.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 651.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 651.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 651.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 651.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 651.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 651.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 651.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 651.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 625.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 625.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 625.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 625.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 625.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 625.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 625.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 625.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 625.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 625.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 625.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 625.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 625.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 625.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 625.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 625.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 625.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 625.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 599.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 599.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 599.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 599.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 599.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 599.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 599.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 599.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 599.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 599.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 599.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 599.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 599.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 599.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 599.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 599.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 599.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 599.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 578.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 578.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 578.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 578.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 578.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 578.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 578.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 578.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 578.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 578.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 578.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 578.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 578.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 578.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 578.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 578.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 578.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 552.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 552.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 552.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 552.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 552.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 552.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 552.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 552.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 552.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 552.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 552.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 552.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 552.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 552.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 552.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 552.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 552.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 552.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 526.40 129.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 526.40 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 526.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 526.40 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 526.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 526.40 34.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 526.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 526.40 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 526.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 526.40 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 526.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 526.40 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 526.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 526.40 34.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 526.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 526.40 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 526.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 526.40 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 497.40 129.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 497.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 497.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 497.40 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 497.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 497.40 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 497.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 497.40 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 497.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 497.40 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 497.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 497.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 497.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 497.40 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 497.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 497.40 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 497.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 497.40 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 462.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 462.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 462.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 462.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 462.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 462.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 462.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 462.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 462.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 462.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 462.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 462.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 462.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 462.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 462.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 462.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 462.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 462.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 436.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 436.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 436.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 436.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 436.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 436.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 436.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 436.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 436.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 436.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 436.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 436.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 436.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 436.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 436.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 436.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 436.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 436.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 415.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 415.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 415.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 415.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 415.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 415.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 415.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 415.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 415.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 415.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 415.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 415.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 415.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 415.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 415.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 415.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 415.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 415.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 389.40 129.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 389.40 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 389.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 389.40 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 389.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 389.40 34.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 389.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 389.40 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 389.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 389.40 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 389.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 389.40 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 389.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 389.40 34.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 389.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 389.40 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 389.40 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 389.40 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 355.40 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 355.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 355.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 355.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 355.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 355.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 355.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 355.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 355.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 355.40 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 355.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 355.40 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 355.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 355.40 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 355.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 355.40 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 355.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 355.40 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.40 129.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 334.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 334.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.00 334.40 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 334.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 334.40 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 334.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 334.40 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 334.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 334.40 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 334.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 334.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 334.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 334.40 34.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 334.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 334.40 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 334.40 4.00 -14.00 re f 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178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 178.39999999999998 m 477 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 178.39999999999998 m 519 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 178.39999999999998 m 563 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179 178.39999999999998 m 220 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179 158.39999999999998 m 220 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179 156.39999999999998 m 220 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 178.39999999999998 m 267 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 158.39999999999998 m 267 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224 156.39999999999998 m 267 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 178.39999999999998 m 305 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 158.39999999999998 m 305 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 156.39999999999998 m 305 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 178.39999999999998 m 347 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 158.39999999999998 m 347 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 156.39999999999998 m 347 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 178.39999999999998 m 394 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 158.39999999999998 m 394 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 156.39999999999998 m 394 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 178.39999999999998 m 439 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 158.39999999999998 m 439 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 156.39999999999998 m 439 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 178.39999999999998 m 477 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 158.39999999999998 m 477 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 156.39999999999998 m 477 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 178.39999999999998 m 519 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 158.39999999999998 m 519 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 156.39999999999998 m 519 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 178.39999999999998 m 563 178.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 158.39999999999998 m 563 158.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 156.39999999999998 m 563 156.39999999999998 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.45 691.07 Td (Core Earnings by Quarter Ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.55 676.65 Td (December) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.00 668.65 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.85 676.65 Td (September) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.00 668.65 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.15 676.65 Td (June) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 668.65 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.05 676.65 Td (March) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 668.65 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.55 676.65 Td (December) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.00 668.65 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.85 676.65 Td (September) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.00 668.65 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.15 676.65 Td (June) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 668.65 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.05 676.65 Td (March) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 668.65 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.05 676.65 Td (December) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.50 668.65 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.35 655.44 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 642.65 Td (Revenues:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 629.65 Td (Net effective spread) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 181.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.75 629.65 Td (31,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.75 629.65 Td (32,199) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 629.65 Td (31,026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 629.65 Td (29,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 629.65 Td (29,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 629.65 Td (30,387) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.80 629.65 Td (29,787) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 629.65 Td (29,257) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.50 629.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 629.65 Td (28,442) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 616.65 Td (Guarantee and commitment fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.75 616.65 Td (5,158) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 616.65 Td (4,533) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 616.65 Td (4,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 616.65 Td (4,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 616.65 Td (4,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.75 616.65 Td (4,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 616.65 Td (4,085) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 616.65 Td (4,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 616.65 Td (4,097) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 603.65 Td (Other) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 76.71 607.28 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.75 603.65 Td (1,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.10 603.65 Td (\(32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 603.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.10 603.65 Td (\(125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 603.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.10 603.65 Td (\(517) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 603.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 603.65 Td (\(284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 603.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.10 603.65 Td (\(93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 603.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.10 603.65 Td (\(24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 603.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.10 603.65 Td (\(405) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 603.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.10 603.65 Td (\(1,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.80 603.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 590.65 Td (Total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.75 590.65 Td (38,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.75 590.65 Td (36,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 590.65 Td (35,711) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 590.65 Td (34,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 590.65 Td (34,395) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 590.65 Td (34,622) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.80 590.65 Td (33,848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 590.65 Td (32,864) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 590.65 Td (31,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 569.65 Td (Credit related \(income\)/expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 556.65 Td (Provision for/\(release of\) losses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.75 556.65 Td (512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.10 556.65 Td (\(31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 556.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.80 556.65 Td (458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.80 556.65 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 556.65 Td (\(49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 556.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 556.65 Td (\(303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 556.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 556.65 Td (1,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.10 556.65 Td (\(696) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 556.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.10 556.65 Td (\(479) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.80 556.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 543.65 Td (REO operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.80 543.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.80 543.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 543.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.80 543.65 Td (39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 543.65 Td (44) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 543.65 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 543.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.10 543.65 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 543.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.75 543.65 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 530.65 Td (\(Gains\)/losses on sale of REO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.80 530.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.10 530.65 Td (\(15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 530.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 530.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.80 530.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 530.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 530.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 530.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 530.65 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.75 530.65 Td (28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 517.65 Td (Total credit related \(income\)/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 509.65 Td (expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.75 509.65 Td (512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.10 509.65 Td (\(46) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 509.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.80 509.65 Td (458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.80 509.65 Td (102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.10 509.65 Td (\(5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 509.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 509.65 Td (\(255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 509.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 509.65 Td (1,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.10 509.65 Td (\(696) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 509.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.10 509.65 Td (\(403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.80 509.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 487.65 Td (Operating expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 474.65 Td (Compensation and employee) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 466.65 Td (benefits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.75 466.65 Td (5,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 466.65 Td (5,438) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 466.65 Td (5,611) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 466.65 Td (5,774) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 466.65 Td (5,385) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.75 466.65 Td (5,236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 466.65 Td (5,733) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 466.65 Td (5,693) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 466.65 Td (4,971) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 453.65 Td (General and administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.75 453.65 Td (4,352) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 453.65 Td (3,474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 453.65 Td (3,757) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 453.65 Td (3,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 453.65 Td (3,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.75 453.65 Td (3,676) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 453.65 Td (3,374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 453.65 Td (2,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 453.65 Td (2,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 440.65 Td (Regulatory fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.75 440.65 Td (625) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.75 440.65 Td (613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.80 440.65 Td (612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.80 440.65 Td (613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 440.65 Td (613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.75 440.65 Td (600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.80 440.65 Td (600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.80 440.65 Td (600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.75 440.65 Td (600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 427.65 Td (Total operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.75 427.65 Td (10,926) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 427.65 Td (9,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 427.65 Td (9,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 427.65 Td (9,913) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 427.65 Td (9,236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.75 427.65 Td (9,512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 427.65 Td (9,707) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 427.65 Td (9,116) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 427.65 Td (8,563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 406.65 Td (Net earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.75 406.65 Td (26,837) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.75 406.65 Td (27,221) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 406.65 Td (25,273) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 406.65 Td (24,086) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 406.65 Td (25,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 406.65 Td (25,365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.80 406.65 Td (22,885) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 406.65 Td (24,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 406.65 Td (23,094) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 393.65 Td (Income tax expense) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 116.03 397.28 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.75 393.65 Td (9,581) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 393.65 Td (9,497) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 393.65 Td (8,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 393.65 Td (8,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 393.65 Td (8,855) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.75 393.65 Td (8,924) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 393.65 Td (8,091) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 393.65 Td (6,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 393.65 Td (4,858) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 380.65 Td (Net income/\(loss\) attributable to non-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 372.65 Td (controlling interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.80 372.65 Td (28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.10 372.65 Td (\(18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 372.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.10 372.65 Td (\(16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 372.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.10 372.65 Td (\(28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 372.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 372.65 Td (\(60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 372.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.10 372.65 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 372.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.10 372.65 Td (\(119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 372.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 372.65 Td (5,354) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 372.65 Td (5,414) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 359.65 Td (Preferred stock dividends) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.75 359.65 Td (3,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 359.65 Td (3,295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 359.65 Td (3,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 359.65 Td (3,295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 359.65 Td (3,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.75 359.65 Td (3,295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 359.65 Td (3,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 359.65 Td (3,295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 359.65 Td (3,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 346.65 Td (Core earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 181.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.75 346.65 Td (13,932) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.75 346.65 Td (14,447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 346.65 Td (13,037) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 346.65 Td (12,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 346.65 Td (13,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.75 346.65 Td (13,182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.80 346.65 Td (11,617) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 346.65 Td (9,103) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.50 346.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 346.65 Td (9,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 324.65 Td (Reconciling items:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 311.65 Td (Unrealized gains/\(losses\) on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 303.65 Td (financial derivatives and hedging) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 295.65 Td (activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.75 295.65 Td (17,233) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 295.65 Td (1,460) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.10 295.65 Td (\(2,076) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 295.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.10 295.65 Td (\(2,989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 295.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 295.65 Td (2,743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.10 295.65 Td (\(6,906) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 295.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.80 295.65 Td (15,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.10 295.65 Td (\(895) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 295.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.10 295.65 Td (\(5,719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.80 295.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 282.65 Td (Unrealized \(losses\)/gains on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 274.65 Td (trading assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.10 274.65 Td (\(474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.80 274.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 274.65 Td (1,182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.80 274.65 Td (394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.80 274.65 Td (358) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 274.65 Td (696) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.10 274.65 Td (\(8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 274.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.80 274.65 Td (170) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.80 274.65 Td (362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 274.65 Td (1,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 261.65 Td (Amortization of premiums/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 253.65 Td (discounts and deferred gains on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 245.65 Td (assets consolidated at fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.10 245.65 Td (\(40) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.10 245.65 Td (\(157) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.10 245.65 Td (\(371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.10 245.65 Td (\(281) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 245.65 Td (\(263) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 245.65 Td (\(117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.10 245.65 Td (\(125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.10 245.65 Td (\(814) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.10 245.65 Td (\(1,247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.80 245.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 232.65 Td (Net effects of settlements on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 224.65 Td (agency forward contracts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.75 224.65 Td (1,024) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.75 224.65 Td (464) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.80 224.65 Td (466) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.10 224.65 Td (\(255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.80 224.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 224.65 Td (\(162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 224.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 224.65 Td (\(390) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 224.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.80 224.65 Td (197) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.10 224.65 Td (\(252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 224.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.10 224.65 Td (\(46) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.80 224.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 211.65 Td (Loss on retirement of Farmer Mac) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 203.65 Td (II LLC Preferred Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.80 203.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.80 203.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 203.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.80 203.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 203.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 203.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 203.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.10 203.65 Td (\(8,147) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 203.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.75 203.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 190.65 Td (Income tax effect related to) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 182.65 Td (reconciling items) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.10 182.65 Td (\(6,210) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.80 182.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.10 182.65 Td (\(1,032) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 182.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.80 182.65 Td (556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 182.65 Td (1,109) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 182.65 Td (\(1,055) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 182.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.75 182.65 Td (2,598) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.10 182.65 Td (\(5,679) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 182.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 182.65 Td (2,461) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 182.65 Td (2,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 169.65 Td (Net income attributable to) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 161.65 Td (common stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 181.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.75 161.65 Td (25,465) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.75 161.65 Td (16,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 161.65 Td (12,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 161.65 Td (10,317) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 161.65 Td (15,032) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.75 161.65 Td (8,359) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.80 161.65 Td (22,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 161.65 Td (1,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.50 161.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 161.65 Td (5,647) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 148.92 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 145.30 Td (Fourth quarter 2014 include $13.6 million of interest expense related to securities purchased under agreements to resell and securities sold, not yet ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 135.70 Td (purchased and $12.8 million of 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