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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 73,948 $ 77,048
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities 3,800 (8,032)
Amortization of debt premiums, discounts, and issuance costs 18,502 37,794
Net change in fair value of trading securities, hedged assets, and financial derivatives (342,380) (326,537)
Gain on sale of real estate owned (485) 0
Total provision for allowance for losses 5,083 650
Excess tax benefits related to stock-based awards (421) 442
Deferred income taxes (2,763) 637
Stock-based compensation expense 2,765 1,664
Purchases of loans held for sale (59,150) 0
Proceeds from the sale of loans held for sale 15,000 0
Proceeds from repayment of loans purchased as held for sale 54,661 44,857
Net change in:    
Interest receivable 44,706 21,395
Guarantee and commitment fees receivable 218 (4)
Other assets (20,169) 1,875
Accrued interest payable (14,311) 7,597
Other liabilities (4,412) 2,538
Net cash used in operating activities (225,408) (138,076)
Cash flows from investing activities:    
Purchases of loans held for investment (2,245,958) (1,528,789)
Purchases of defaulted loans (6,272) (469)
Proceeds from repayment of loans purchased as held for investment 1,272,603 568,280
Proceeds from sale of Farmer Mac Guaranteed Securities 64,612 199,396
Proceeds from sale of real estate owned 2,191 0
Net cash used in investing activities (1,550,837) (2,062,969)
Cash flows from financing activities:    
Payments to third parties on debt securities of consolidated trusts (431,093) (143,491)
Proceeds from common stock issuance 44 25
Retirement of preferred stock (60,000) (75,000)
Proceeds from preferred stock issuance, net of stock issuance costs 193,163 96,659
Tax payments related to share-based awards (560) (1,750)
Purchases of common stock (235) 0
Dividends paid on common and preferred stock (37,369) (32,964)
Net cash provided by financing activities 2,082,456 2,363,730
Net change in cash and cash equivalents 306,211 162,685
Cash and cash equivalents at beginning of period 604,381 425,256
Cash and cash equivalents at end of period 910,592 587,941
Non-cash activity:    
Loans acquired and securitized as Farmer Mac Guaranteed Securities 64,612 199,396
Consolidation of Farmer Mac Guaranteed Securities from off-balance sheet to loans held for investment in consolidated trusts and to debt securities of consolidated trusts held by third parties 64,612 141,543
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 42,393 5,392
Reclassification of loans held for sale to loans held for investment 24,150 0
Capitalized interest 937 0
Purchases of securities - traded, not yet settled 0 8,680
Medium-term Notes    
Cash flows from financing activities:    
Proceeds from issuance of debt 10,561,149 7,632,425
Payments to redeem notes (8,293,765) (5,646,107)
Notes Payable to Banks    
Cash flows from financing activities:    
Proceeds from issuance of debt 51,936,788 47,036,038
Payments to redeem notes (51,785,666) (46,502,105)
Available-for-sale securities    
Cash flows from investing activities:    
Purchases of securities (2,177,560) (1,871,957)
Proceeds from repayment of securities 1,612,075 991,423
Farmer Mac Guaranteed Securities and USDA Securities    
Cash flows from investing activities:    
Purchases of securities (1,798,028) (2,167,801)
Proceeds from repayment of securities $ 1,725,500 $ 1,746,948