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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 77,048 $ 85,224
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 (8,032) 713
Amortization of debt premiums, discounts and issuance costs 37,794 21,744
Net change in fair value of trading securities, hedged assets, and financial derivatives (326,537) 42,054
Loss on sale of real estate owned 0 7
Total provision for losses 650 169
Excess tax benefits related to stock-based awards 442 1,105
Deferred income taxes 637 1,750
Stock-based compensation expense 1,664 1,882
Proceeds from repayment of loans purchased as held for sale 44,857 76,259
Net change in:    
Interest receivable 21,395 18,537
Guarantee and commitment fees receivable (4) (86)
Other assets 1,875 (7,268)
Accrued interest payable 7,597 12,033
Other liabilities 2,538 (1,898)
Net cash (used in)/provided by operating activities (138,076) 252,225
Cash flows from investing activities:    
Purchases of loans held for investment (1,528,789) (684,486)
Purchases of defaulted loans (469) (1,483)
Proceeds from repayment of loans purchased as held for investment 568,280 508,969
Proceeds from sale of Farmer Mac Guaranteed Securities 199,396 305,391
Proceeds from sale of real estate owned 0 116
Net cash used in investing activities (2,062,969) (233,520)
Cash flows from financing activities:    
Payments to third parties on debt securities of consolidated trusts (143,491) (124,239)
Proceeds from common stock issuance 25 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 (1,750) (2,635)
Dividends paid on common and preferred stock (32,964) (28,421)
Net cash provided by financing activities 2,363,730 115,425
Net change in cash and cash equivalents 162,685 134,130
Cash and cash equivalents at beginning of period 425,256 302,022
Cash and cash equivalents at end of period 587,941 436,152
Non-cash activity:    
Real estate owned acquired through loan liquidation 0 128
Loans acquired and securitized as Farmer Mac Guaranteed Securities 199,396 305,391
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 141,543 199,764
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 5,392 6,273
Purchases of securities - traded, not yet settled 8,680 248,600
Medium-term Notes [Member]    
Cash flows from financing activities:    
Proceeds from issuance of discount notes and medium-term notes 7,632,425 6,109,613
Payments to redeem notes (5,646,107) (5,254,430)
Notes Payable to Banks [Member]    
Cash flows from financing activities:    
Proceeds from issuance of discount notes and medium-term notes 47,036,038 30,946,426
Payments to redeem notes (46,502,105) (31,530,896)
Investment Securities [Member]    
Cash flows from investing activities:    
Purchases of securities (1,871,957) (833,650)
Proceeds from repayment of securities 991,423 814,712
Farmer Mac Guaranteed Securities and USDA Securities [Member]    
Cash flows from investing activities:    
Purchases of securities (2,167,801) (2,544,812)
Proceeds from repayment of securities $ 1,746,948 $ 2,201,723