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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 59,215 $ 55,455
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 (4,922) 1,536
Amortization of debt premiums, discounts and issuance costs 24,022 13,701
Net change in fair value of trading securities, hedged assets, and financial derivatives (208,213) 26,100
Gain on sale of real estate owned 0 (34)
Total provision for losses 27 172
Excess tax benefits related to stock-based awards 259 903
Deferred income taxes 5,874 (2,457)
Stock-based compensation expense 1,257 1,269
Proceeds from repayment of loans purchased as held for sale 23,239 62,078
Net change in:    
Interest receivable (4,578) (879)
Guarantee and commitment fees receivable 120 8
Other assets (9,006) (12,877)
Accrued interest payable 11,386 13,104
Other liabilities 651 4,075
Net cash (used by)/provided by operating activities (100,669) 162,154
Cash flows from investing activities:    
Purchases of loans held for investment (1,101,705) (491,858)
Proceeds from repayment of loans purchased as held for investment 330,387 335,808
Proceeds from sale of Farmer Mac Guaranteed Securities 166,351 196,290
Proceeds from sale of real estate owned 0 101
Net cash used by investing activities (1,741,530) (608,357)
Cash flows from financing activities:    
Payments to third parties on debt securities of consolidated trusts (80,820) (72,752)
Proceeds from common stock issuance 6 7
Retirement of Series B preferred stock (75,000) 0
Proceeds from Series D preferred stock issuance, net of stock issuance costs 96,659 0
Tax payments related to share-based awards (1,112) (2,523)
Dividends paid on common and preferred stock (22,041) (18,939)
Net cash provided by financing activities 1,813,545 574,993
Net change in cash and cash equivalents (28,654) 128,790
Cash and cash equivalents at beginning of period 425,256 302,022
Cash and cash equivalents at end of period 396,602 430,812
Non-cash activity:    
Loans acquired and securitized as Farmer Mac Guaranteed Securities 166,351 196,290
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 118,004 116,983
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 4,721 721
Maturity of investment security - not yet settled (35,075) 0
Purchases of securities - traded, not yet settled 10,000 48,600
Medium-term Notes [Member]    
Cash flows from financing activities:    
Proceeds from issuance of discount notes and medium-term notes 4,467,265 4,103,234
Payments to redeem notes (3,106,538) (3,313,236)
Notes Payable to Banks [Member]    
Cash flows from financing activities:    
Proceeds from issuance of discount notes and medium-term notes 28,265,587 21,036,787
Payments to redeem notes (27,730,461) (21,157,585)
Investment Securities [Member]    
Cash flows from investing activities:    
Purchases of securities (1,217,901) (539,667)
Proceeds from repayment of securities 500,462 403,018
Farmer Mac Guaranteed Securities and USDA Securities [Member]    
Cash flows from investing activities:    
Purchases of securities (1,660,280) (1,843,294)
Proceeds from repayment of securities $ 1,241,156 $ 1,331,245