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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 134,726 $ 102,236
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 2,456 13,631
Amortization of debt premiums, discounts, and issuance costs 11,839 5,106
Net change in fair value of trading securities, hedged assets, and financial derivatives 665,775 215,769
Gain on the sale of available-for-sale investment securities 0 (253)
Total release of allowance for losses (1,139) (759)
Excess tax benefits related to stock-based awards 87 292
Deferred income taxes 14,820 (458)
Stock-based compensation expense 3,807 3,306
Proceeds from repayment of loans purchased as held for sale 31,086 44,744
Net change in:    
Interest receivable (1,931) 39,030
Guarantee and commitment fees receivable 991 66
Other assets (144,031) 5,594
Accrued interest payable 31,818 (12,414)
Custodial deposit liability (41,392) 20,798
Other liabilities (2,654) (3,469)
Net cash provided by operating activities 706,258 433,219
Cash flows from investing activities:    
Purchases of other investment securities (877) (403)
Purchases of loans held for investment (2,122,360) (2,107,746)
Purchases of defaulted loans 0 (8,713)
Proceeds from repayment of loans purchased as held for investment 1,077,209 1,500,239
Proceeds from sale of loans previously classified as held for investment 9,000 10,000
Proceeds from sale of available-for-sale investment securities 0 257,524
Proceeds from sale of Farmer Mac Guaranteed Securities 47,212 84,131
Net cash used in investing activities (2,050,891) (751,709)
Cash flows from financing activities:    
Proceeds from issuance of discount notes 40,788,399 46,784,100
Proceeds from issuance of medium-term notes 6,866,487 8,588,616
Proceeds from third parties from issuance of debt securities of consolidated trusts 258,198 0
Payments to redeem discount notes (42,096,456) (46,182,144)
Payments to redeem medium-term notes (4,261,315) (8,640,370)
Payments to third parties on debt securities of consolidated trusts (198,463) (441,646)
Proceeds from common stock issuance 140 71
Proceeds from preferred stock issuance, net of stock issuance costs 0 121,327
Tax payments related to share-based awards (1,789) (1,305)
Dividends paid on common and preferred stock (51,119) (45,048)
Net cash provided by financing activities 1,304,082 183,601
Net change in cash and cash equivalents (40,551) (134,889)
Cash and cash equivalents at beginning of period 908,785 1,033,941
Cash and cash equivalents at end of period 868,234 899,052
Non-cash activity:    
Loans acquired and securitized as Farmer Mac Guaranteed Securities 47,212 84,131
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 47,212 84,131
Loans held for investment transferred to consolidated trusts 297,713 0
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment 1,781 24,690
Reclassification of loans held for investment to loans held for sale 0 301,551
Capitalized interest 446 1,253
Charge-off from the allowance for losses 84 0
Purchases of securities - traded, not yet settled 268,370 0
Available-for-sale securities    
Cash flows from investing activities:    
Purchases of securities (1,789,932) (1,414,547)
Proceeds from repayment of securities 1,103,046 1,303,141
Farmer Mac Guaranteed Securities and USDA Securities    
Cash flows from investing activities:    
Purchases of securities (4,308,083) (2,658,305)
Proceeds from repayment of securities $ 3,933,894 $ 2,282,970