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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 64,513 $ 48,456
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 9,619 1,095
Amortization of debt premiums, discounts, and issuance costs 3,602 14,769
Net change in fair value of trading securities, hedged assets, and financial derivatives 178,314 (401,002)
Gain on sale of real estate owned 0 (485)
Total (release)/provision for allowance for losses (1,014) 3,882
Excess tax benefits related to stock-based awards 292 (475)
Deferred income taxes (27) (2,254)
Stock-based compensation expense 2,557 2,012
Proceeds from repayment of loans purchased as held for sale 30,062 35,351
Net change in:    
Interest receivable 24,025 24,139
Guarantee and commitment fees receivable 144 292
Other assets 3,680 (23,446)
Accrued interest payable (10,678) (6,825)
Other liabilities 684 (2,453)
Net cash provided by/(used in) operating activities 305,773 (306,944)
Cash flows from investing activities:    
Purchases of other investment securities (403) 0
Purchases of loans held for investment (1,417,958) (1,502,920)
Purchases of defaulted loans (8,713) (6,272)
Proceeds from repayment of loans purchased as held for investment 1,014,805 712,238
Proceeds from sale of available-for-sale investment securities 25,573 0
Proceeds from sale of Farmer Mac Guaranteed Securities 49,133 28,050
Proceeds from sale of real estate owned 0 2,191
Net cash used in investing activities (209,936) (1,592,368)
Cash flows from financing activities:    
Payments to third parties on debt securities of consolidated trusts (276,089) (175,004)
Proceeds from common stock issuance 25 36
Proceeds from preferred stock issuance, net of stock issuance costs 121,327 77,003
Tax payments related to share-based awards (1,305) (471)
Purchases of common stock 0 (235)
Dividends paid on common and preferred stock (29,460) (24,018)
Net cash (used in)/provided by financing activities (301,375) 2,122,531
Net change in cash and cash equivalents (205,538) 223,219
Cash and cash equivalents at beginning of period 1,033,941 604,381
Cash and cash equivalents at end of period 828,403 827,600
Non-cash activity:    
Loans acquired and securitized as Farmer Mac Guaranteed Securities 49,133 28,050
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 49,133 28,050
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 23,463 7,414
Capitalized interest 1,037 0
Purchases of securities - traded, not yet settled 0 4,588
Medium-term Notes    
Cash flows from financing activities:    
Proceeds from issuance of debt 6,578,677 7,791,406
Payments to redeem notes (6,574,370) (5,847,765)
Notes Payable to Banks    
Cash flows from financing activities:    
Proceeds from issuance of debt 31,775,475 34,376,593
Payments to redeem notes (31,895,655) (34,075,014)
Available-for-sale securities    
Cash flows from investing activities:    
Purchases of securities (893,754) (1,591,501)
Proceeds from repayment of securities 884,489 1,097,237
Farmer Mac Guaranteed Securities and USDA Securities    
Cash flows from investing activities:    
Purchases of securities (1,168,827) (1,361,109)
Proceeds from repayment of securities $ 1,305,719 $ 1,029,718