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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 95,576 $ 73,948
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 13,631 3,800
Amortization of debt premiums, discounts, and issuance costs 5,106 18,502
Net change in fair value of trading securities, hedged assets, and financial derivatives 226,895 (342,380)
Gain on sale of real estate owned 0 (485)
Gain on the sale of available-for-sale investment securities (253) 0
Total (release)/provision for allowance for losses (759) 5,083
Excess tax benefits related to stock-based awards 292 (421)
Deferred income taxes (1,302) (2,763)
Stock-based compensation expense 3,306 2,765
Purchases of loans held for sale 0 (59,150)
Proceeds from the sale of loans held for sale 0 15,000
Proceeds from repayment of loans purchased as held for sale 44,744 54,661
Net change in:    
Interest receivable 40,509 44,706
Guarantee and commitment fees receivable 66 218
Other assets 2,431 (20,169)
Accrued interest payable (9,475) (14,311)
Other liabilities (8,346) (4,412)
Custodial deposit liability 20,798 0
Net cash provided by/(used in) operating activities 433,219 (225,408)
Cash flows from investing activities:    
Purchases of other investment securities (403) 0
Purchases of loans held for investment (2,107,746) (2,245,958)
Purchases of defaulted loans (8,713) (6,272)
Proceeds from repayment of loans purchased as held for investment 1,500,239 1,272,603
Proceeds from sale of loans previously classified as held for investment 10,000 0
Proceeds from sale of available-for-sale investment securities 257,524 0
Proceeds from sale of Farmer Mac Guaranteed Securities 84,131 64,612
Proceeds from sale of real estate owned 0 2,191
Net cash used in investing activities (751,709) (1,550,837)
Cash flows from financing activities:    
Proceeds from issuance of discount notes 46,784,100 51,936,788
Proceeds from issuance of medium-term notes 8,588,616 10,561,149
Payments to redeem discount notes 46,182,144 51,785,666
Payments to redeem medium-term notes (8,640,370) (8,293,765)
Payments to third parties on debt securities of consolidated trusts (441,646) (431,093)
Proceeds from common stock issuance 71 44
Retirement of preferred stock 0 (60,000)
Proceeds from preferred stock issuance, net of stock issuance costs 121,327 193,163
Tax payments related to share-based awards (1,305) (560)
Purchases of common stock 0 (235)
Dividends paid on common and preferred stock (45,048) (37,369)
Net cash provided by financing activities 183,601 2,082,456
Net change in cash and cash equivalents (134,889) 306,211
Cash and cash equivalents at beginning of period 1,033,941 604,381
Cash and cash equivalents at end of period 899,052 910,592
Non-cash activity:    
Loans acquired and securitized as Farmer Mac Guaranteed Securities 84,131 64,612
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 84,131 64,612
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 24,690 42,393
Reclassification of loans held for sale to loans held for investment 0 24,150
Reclassification of loans held for investment to loans held for sale 301,551 0
Capitalized interest 1,253 937
Available-for-sale securities    
Cash flows from investing activities:    
Purchases of securities (1,414,547) (2,177,560)
Proceeds from repayment of securities 1,303,141 1,612,075
Farmer Mac Guaranteed Securities and USDA Securities    
Cash flows from investing activities:    
Purchases of securities (2,658,305) (1,798,028)
Proceeds from repayment of securities $ 2,282,970 $ 1,725,500