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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 109,546 $ 108,080 $ 84,317
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 (10,399) (1,104) 1,739
Amortization of debt premiums, discounts and issuance costs 50,052 30,207 22,858
Net change in fair value of trading securities, hedged assets, and financial derivatives (220,080) (23,747) (11,187)
Loss/(gain) on sale of real estate owned 0 7 (1,748)
Total provision for losses 3,501 335 1,758
Excess tax benefits related to stock-based awards 449 946 860
Deferred income tax expense 789 2,625 3,221
Other 236 0 11
Stock-based compensation expense 2,258 2,517 2,702
Purchases of loans held for sale 0 (25,000) 0
Proceeds from the sale of loans held for sale 0 25,000 0
Proceeds from repayment of loans purchased as held for sale 54,195 92,060 70,630
Net change in:      
Interest receivable (19,080) (25,866) (32,468)
Guarantee and commitment fees receivable (59) (188) 94
Other assets (2,744) (6,435) 3,641
Accrued interest payable 10,216 21,341 25,702
Other liabilities 1,421 (747) 2,881
Net cash (used in)/provided by operating activities (19,699) 200,031 175,011
Cash flows from investing activities:      
Purchases of held-to-maturity investment securities 0 0 (45,032)
Purchases of loans held for investment (2,234,715) (947,495) (1,266,926)
Purchases of defaulted loans (469) (1,483) (311)
Proceeds from repayment of loans purchased as held for investment 758,192 611,344 435,356
Proceeds from sale of Farmer Mac Guaranteed Securities 321,414 382,929 519,219
Proceeds from sale of real estate owned 0 116 8,099
Net cash used in investing activities (2,384,587) (591,462) (1,842,605)
Cash flows from financing activities:      
Payments to third parties on debt securities of consolidated trusts (181,493) (138,806) (106,888)
Proceeds from common stock issuance 44 7 238
Retirement of Series B preferred stock (75,000) 0 0
Proceeds from Series D preferred stock issuance, net of stock issuance costs 96,659 0 0
Tax payments related to share-based awards (1,777) (2,631) (2,536)
Dividends paid on common and preferred stock (43,894) (37,905) (28,439)
Net cash provided by financing activities 2,583,411 514,665 1,704,387
Net change in cash and cash equivalents 179,125 123,234 36,793
Cash and cash equivalents at beginning of period 425,256 302,022 265,229
Cash and cash equivalents at end of period 604,381 425,256 302,022
Cash paid during the period for:      
Interest 365,526 268,728 161,060
Income taxes 23,100 30,882 39,500
Non-cash activity:      
Real estate owned acquired through loan liquidation 0 128 5,400
Loans acquired and securitized as Farmer Mac Guaranteed Securities 321,414 382,929 519,219
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 263,561 255,080 363,475
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 5,479 7,748 5,670
Purchases of securities - traded, not yet settled 0 (1,400) 1,400
Medium-term Notes      
Cash flows from financing activities:      
Proceeds from issuance of discount notes and medium-term notes 10,195,775 7,692,845 8,600,860
Payments to redeem notes (7,970,126) (6,834,057) (4,675,300)
Notes Payable to Banks      
Cash flows from financing activities:      
Proceeds from issuance of discount notes and medium-term notes 64,642,545 41,726,788 51,980,890
Payments to redeem notes (64,079,322) (41,891,576) (54,064,438)
Debt Securities      
Cash flows from investing activities:      
Purchases of securities (2,166,376) (1,221,392) (979,671)
Proceeds from repayment of securities 1,425,402 1,242,310 1,326,779
Proceeds from sale of available-for-sale investment securities 12,367 0 10,218
Farmer Mac Guaranteed Securities and USDA Securities      
Cash flows from investing activities:      
Purchases of securities (2,691,104) (3,470,832) (2,913,514)
Proceeds from repayment of securities $ 2,190,702 $ 2,813,041 $ 1,063,178