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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 93,733 $ 64,513
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 2,819 9,619
Amortization of debt premiums, discounts, and issuance costs 5,655 3,602
Net change in fair value of trading securities, hedged assets, and financial derivatives 461,598 178,314
Total release of allowance for losses (1,589) (1,014)
Excess tax benefits related to stock-based awards (64) 292
Deferred income taxes 3,765 (27)
Stock-based compensation expense 2,975 2,557
Proceeds from repayment of loans purchased as held for sale 17,381 30,062
Net change in:    
Interest receivable (739) 24,025
Guarantee and commitment fees receivable 214 144
Other assets (89,794) 3,680
Accrued interest payable 9,831 (10,678)
Custodial deposit liability (11,070) 0
Other liabilities 31,295 684
Net cash provided by operating activities 526,010 305,773
Cash flows from investing activities:    
Purchases of other investment securities (308) (403)
Purchases of loans held for investment (1,466,667) (1,417,958)
Purchases of defaulted loans 0 (8,713)
Proceeds from repayment of loans purchased as held for investment 726,196 1,014,805
Proceeds from sale of loans previously classified as held for investment 9,000 0
Proceeds from sale of available-for-sale investment securities 0 25,573
Proceeds from sale of Farmer Mac Guaranteed Securities 25,928 49,133
Net cash (used in)/provided by investing activities (1,422,123) (209,936)
Cash flows from financing activities:    
Proceeds from issuance of discount notes 27,110,295 31,775,475
Proceeds from issuance of medium-term notes 4,797,774 6,578,677
Payments to redeem discount notes (27,804,791) (31,895,655)
Payments to redeem medium-term notes (3,029,315) (6,574,370)
Payments to third parties on debt securities of consolidated trusts (141,769) (276,089)
Proceeds from common stock issuance 92 25
Proceeds from preferred stock issuance, net of stock issuance costs 0 121,327
Tax payments related to share-based awards (1,460) (1,305)
Dividends paid on common and preferred stock (34,068) (29,460)
Net cash provided by/(used in) financing activities 896,758 (301,375)
Net change in cash and cash equivalents 645 (205,538)
Cash and cash equivalents at beginning of period 908,785 1,033,941
Cash and cash equivalents at end of period 909,430 828,403
Non-cash activity:    
Loans acquired and securitized as Farmer Mac Guaranteed Securities 25,928 49,133
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 25,928 49,133
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 569 23,463
Capitalized interest 443 1,037
Charge-off from the allowance for losses 84 0
Available-for-sale securities    
Cash flows from investing activities:    
Purchases of securities (1,439,695) (893,754)
Proceeds from repayment of securities 917,618 884,489
Farmer Mac Guaranteed Securities and USDA Securities    
Cash flows from investing activities:    
Purchases of securities (3,061,500) (1,168,827)
Proceeds from repayment of securities $ 2,867,305 $ 1,305,719