CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 73,839
|
$ 70,282
|
$ 97,515
|
| 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 |
2,889
|
18,461
|
26,217
|
| Amortization of debt premiums, discounts and issuance costs |
15,060
|
9,689
|
11,839
|
| Net change in fair value of trading securities, hedged assets, and financial derivatives |
(12,144)
|
8,213
|
(44,362)
|
| (Gains)/losses on sale of available-for-sale investment securities |
(9)
|
238
|
(2,113)
|
| Gains on repurchase of debt |
0
|
0
|
(1,462)
|
| Losses/(gains) on sale of real estate owned |
1
|
(137)
|
(1,236)
|
| Total (release of)/provision for losses |
208
|
(3,166)
|
448
|
| Deferred income taxes |
3,992
|
(6,979)
|
6,670
|
| Stock-based compensation expense |
3,269
|
2,859
|
2,967
|
| Proceeds from repayment of trading investment securities |
657
|
685
|
774
|
| Proceeds from repayment of loans purchased as held for sale |
95,592
|
98,712
|
168,589
|
| Net change in: |
|
|
|
| Interest receivable |
(5,826)
|
3,007
|
(4,063)
|
| Guarantee and commitment fees receivable |
(727)
|
1,768
|
(1,887)
|
| Other assets |
8,454
|
(39,624)
|
52,872
|
| Accrued interest payable |
(734)
|
(5,417)
|
1,993
|
| Other liabilities |
(166)
|
(3,539)
|
(771)
|
| Net cash provided by operating activities |
184,355
|
155,052
|
313,990
|
| Cash flows from investing activities: |
|
|
|
| Purchases of loans held for investment |
(837,176)
|
(749,099)
|
(911,846)
|
| Purchases of defaulted loans |
(16,907)
|
(705)
|
(6,704)
|
| Proceeds from repayment of loans purchased as held for investment |
311,136
|
337,466
|
265,151
|
| Proceeds from sale of Farmer Mac Guaranteed Securities |
336,913
|
175,754
|
150,417
|
| (Payments)/proceeds from sale of real estate owned |
(1)
|
1,927
|
4,042
|
| Net cash used in investing activities |
(1,250,533)
|
(83,662)
|
(995,093)
|
| Cash flows from financing activities: |
|
|
|
| Excess tax benefits related to stock-based awards |
154
|
51
|
1,160
|
| Payments to third parties on debt securities of consolidated trusts |
(47,574)
|
(37,512)
|
(56,278)
|
| Proceeds from common stock issuance |
1,689
|
244
|
1,913
|
| Investment in Contour |
242
|
175
|
0
|
| Redemption of Farmer Mac II LLC Preferred Stock |
(244,000)
|
(6,000)
|
0
|
| Dividends paid - Non-controlling interest - preferred stock |
(5,415)
|
(22,192)
|
(22,187)
|
| Dividends paid on common and preferred stock |
(20,182)
|
(13,996)
|
(7,979)
|
| Net cash provided by financing activities |
912,875
|
542,684
|
644,852
|
| Net (decrease)/increase in cash and cash equivalents |
(153,303)
|
614,074
|
(36,251)
|
| Cash and cash equivalents at beginning of period |
1,363,387
|
749,313
|
785,564
|
| Cash and cash equivalents at end of period |
1,210,084
|
1,363,387
|
749,313
|
| Medium-term Notes [Member] |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of discount notes and medium-term notes |
4,375,368
|
3,544,818
|
2,886,783
|
| Payments to redeem discount notes and medium-term notes |
(4,842,281)
|
(3,108,000)
|
(2,066,602)
|
| Discount Notes [Member] |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of discount notes and medium-term notes |
97,129,959
|
38,388,899
|
64,859,652
|
| Payments to redeem discount notes and medium-term notes |
(95,424,765)
|
(38,350,229)
|
(64,952,365)
|
| Investment Securities [Member] |
|
|
|
| Cash flows from investing activities: |
|
|
|
| Purchases of available-for-sale investment securities and Farmer Mac Guaranteed Securities and USDA Guaranteed Securities |
(2,403,910)
|
(1,545,658)
|
(1,703,082)
|
| Proceeds from repayment of available-for-sale investment securities, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities |
1,489,074
|
1,327,044
|
1,350,491
|
| Proceeds from sale of available-for-sale investment securities |
83,735
|
770,149
|
366,562
|
| Farmer Mac Guaranteed Securities and USDA Securities [Member] |
|
|
|
| Cash flows from investing activities: |
|
|
|
| Purchases of available-for-sale investment securities and Farmer Mac Guaranteed Securities and USDA Guaranteed Securities |
(1,180,570)
|
(1,555,272)
|
(1,635,394)
|
| Proceeds from repayment of available-for-sale investment securities, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities |
967,173
|
1,154,732
|
1,125,270
|
| Series A Preferred Stock [Member] |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from Preferred Stock Issuances |
0
|
0
|
58,333
|
| Series B Preferred Stock [Member] |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from Preferred Stock Issuances |
0
|
73,044
|
0
|
| Series C Preferred Stock [Member] |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from Preferred Stock Issuances |
0
|
73,382
|
0
|
| Common Class C, Non-Voting [Member] |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Common stock repurchased |
(10,320)
|
0
|
0
|
| Retired Series C Preferred Stock [Member] |
|
|
|
| Cash flows from financing activities: |
|
|
|
| Retirement of Series C Preferred stock |
$ 0
|
$ 0
|
$ (57,578)
|