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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 207,193,000 $ 200,003,000 $ 178,144,000
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 (23,879,000) (17,025,000) 720,000
Amortization of debt premiums, discounts, and issuance costs 21,242,000 31,421,000 19,656,000
Net change in fair value of trading securities, loans held for sale, hedged items, and financial derivatives 214,319,000 78,249,000 689,998,000
Losses on sale of mortgage loans 1,147,000 0 0
Gains on the sale of available-for-sale investment securities (1,052,000) 0 0
Total provision for/(release of) allowance for losses 11,490,000 1,136,000 806,000
Excess tax benefits related to stock-based awards 831,000 523,000 101,000
Deferred income taxes (516,000) 6,690,000 12,406,000
Stock-based compensation expense 8,088,000 6,801,000 4,624,000
Proceeds from repayment of loans purchased as held for sale 29,216,000 24,378,000 33,311,000
Net change in:      
Interest receivable (31,885,000) (63,944,000) (63,777,000)
Guarantee and commitment fees receivable 96,000 (1,700,000) 1,043,000
Other assets 18,590,000 54,369,000 (126,054,000)
Accrued interest payable 13,272,000 63,954,000 58,884,000
Custodial deposit liability 130,643,000 (10,778,000) (7,666,000)
Other liabilities 13,851,000 1,721,000 7,075,000
Net cash provided by operating activities 612,646,000 375,798,000 809,271,000
Cash flows from investing activities:      
Purchases of equipment and leasehold improvements (5,272,000) 0 0
Purchases of other investment securities (3,293,000) (3,145,000) (2,443,000)
Purchases of loans held for investment (3,870,628,000) (2,164,053,000) (2,592,924,000)
Purchases of defaulted loans (4,447,000) 0 0
Proceeds from repayment of loans purchased as held for investment 1,655,784,000 1,363,588,000 1,321,989,000
Proceeds from sale of available-for-sale investment securities 115,247,000 0 0
Proceeds from sale of loans previously classified as held for investment 5,775,000 0 9,000,000
Proceeds from sale of Farmer Mac Guaranteed Securities 60,192,000 0 99,643,000
Net cash used in investing activities (1,682,473,000) (1,955,381,000) (3,042,959,000)
Cash flows from financing activities:      
Proceeds from issuance of discount notes 59,737,284,000 49,291,165,000 52,470,273,000
Proceeds from issuance of medium-term notes 8,545,837,000 8,274,618,000 9,031,116,000
Proceeds from issuance of debt securities of consolidated trusts 588,250,000 222,188,000 258,198,000
Payments to redeem discount notes (59,308,438,000) (48,138,591,000) (54,085,418,000)
Payments to redeem medium-term notes (8,052,883,000) (7,862,450,000) (5,192,159,000)
Payments to third parties on debt securities of consolidated trusts (138,807,000) (102,045,000) (226,291,000)
Proceeds from common stock issuance 287,000 233,000 192,000
Tax payments related to share-based awards (5,351,000) (3,013,000) (1,835,000)
Retirement of preferred stock (75,000,000) 0 0
Dividends paid on common and preferred stock (86,052,000) (74,817,000) (68,171,000)
Net cash provided by financing activities 1,205,127,000 1,607,288,000 2,185,905,000
Net change in cash and cash equivalents 135,300,000 27,705,000 (47,783,000)
Cash, cash equivalents, and restricted cash at beginning of period 888,707,000 861,002,000 908,785,000
Cash, cash equivalents, and restricted cash at end of period 1,024,007,000 888,707,000 861,002,000
Cash paid during the period for:      
Interest 819,959,000 582,960,000 269,327,000
Income taxes 39,200,000 48,000,000 33,800,000
Non-cash activity:      
Loans securitized as Farmer Mac Guaranteed Securities 109,546,000 36,497,000 162,875,000
Loans held for investment transferred to consolidated trusts 624,097,000 281,027,000 297,713,000
Available-for-sale securities      
Cash flows from investing activities:      
Purchases of available-for-sale and held-to-maturity investment securities (2,431,900,000) (1,573,707,000) (2,472,056,000)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities 1,328,716,000 1,397,096,000 1,440,201,000
Farmer Mac Guaranteed Securities and USDA Securities      
Cash flows from investing activities:      
Purchases of Farmer Mac Guaranteed Securities and USDA Securities (1,600,144,000) (4,453,284,000) (5,275,733,000)
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities $ 3,067,497,000 $ 3,478,124,000 $ 4,429,364,000