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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 108,648 $ 109,546 $ 108,080
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 8,343 (10,399) (1,104)
Amortization of debt premiums, discounts, and issuance costs 21,319 50,052 30,207
Net change in fair value of trading securities, hedged assets, and financial derivatives (256,466) (220,080) (23,747)
Gain/(loss) on sale of real estate owned (463) 0 7
Total provision for allowance for losses 8,055 3,501 335
Excess tax benefits related to stock-based awards (440) 449 946
Deferred income taxes (2,406) 789 2,625
Other 0 236 0
Stock-based compensation expense 4,128 2,258 2,517
Purchases of loans held for sale (59,150) 0 (25,000)
Proceeds from the sale of loans held for sale 15,000 0 25,000
Proceeds from repayment of loans purchased as held for sale 59,370 54,195 92,060
Net change in:      
Interest receivable 11,054 (19,080) (25,866)
Guarantee and commitment fees receivable 164 (59) (188)
Other assets (3,348) (2,744) (6,435)
Accrued interest payable (14,221) 10,216 21,341
Other liabilities 5,866 1,421 (747)
Net cash (used in)/provided by operating activities (94,547) (19,699) 200,031
Cash flows from investing activities:      
Purchases of loans held for investment (3,167,198) (2,234,715) (947,495)
Purchases of defaulted loans (6,272) (469) (1,483)
Proceeds from repayment of loans purchased as held for investment 1,715,663 758,192 611,344
Proceeds from sale of Farmer Mac Guaranteed Securities 165,054 321,414 382,929
Proceeds from sale of real estate owned 4,169 0 116
Net cash used in investing activities (1,736,091) (2,384,587) (591,462)
Cash flows from financing activities:      
Payments to third parties on debt securities of consolidated trusts (504,807) (181,493) (138,806)
Proceeds from common stock issuance 56 44 7
Retirement of preferred stock (60,000) (75,000) 0
Proceeds from preferred stock issuance, net of stock issuance costs 193,163 96,659 0
Tax payments related to share-based awards (560) (1,777) (2,631)
Purchases of common stock (235) 0 0
Dividends paid on common and preferred stock (50,649) (43,894) (37,905)
Net cash provided by financing activities 2,260,198 2,583,411 514,665
Net change in cash and cash equivalents 429,560 179,125 123,234
Cash and cash equivalents at beginning of period 604,381 425,256 302,022
Cash and cash equivalents at end of period 1,033,941 604,381 425,256
Cash paid during the period for:      
Interest 283,335 365,526 268,728
Income taxes 30,000 23,100 30,882
Non-cash activity:      
Real estate owned acquired through loan liquidation 0 0 128
Loans acquired and securitized as Farmer Mac Guaranteed Securities 165,054 321,414 382,929
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 165,054 263,561 255,080
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 47,036 5,479 7,748
Reclassification of loans held for sale to loans held for investment 44,150 0 0
Capitalized interest 1,348 0 0
Purchases of securities - traded, not yet settled 0 0 (1,400)
Medium-term Notes      
Cash flows from financing activities:      
Proceeds from issuance of debt 13,509,754 10,195,775 7,692,845
Payments to redeem notes (10,414,765) (7,970,126) (6,834,057)
Notes Payable to Banks      
Cash flows from financing activities:      
Proceeds from issuance of debt 68,548,733 64,642,545 41,726,788
Payments to redeem notes (68,960,492) (64,079,322) (41,891,576)
Available-for-sale securities      
Cash flows from investing activities:      
Purchases of securities (2,852,658) (2,166,376) (1,221,392)
Proceeds from repayment of securities 1,961,895 1,425,402 1,242,310
Proceeds from sale of available-for-sale investment securities 0 12,367 0
Farmer Mac Guaranteed Securities and USDA Securities      
Cash flows from investing activities:      
Purchases of securities (2,074,701) (2,691,104) (3,470,832)
Proceeds from repayment of securities $ 2,517,957 $ 2,190,702 $ 2,813,041