FEDERAL AGRICULTURAL MORTGAGE CORPORATION AGM Cash Flow

Federal agricultural mortgage corporation (AGM)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net income
12,830	32,498	17,833	34,045	25,170	22,856	29,769	29,636	25,819	20,006	21,782	20,634	21,895	28,789	19,641	15,286	13,584	18,268	11,618	25,339	18,614	14,357	20,281	28,332	7,312	18,913	21,841	34,173	22,588	15,867	22,647	1,976	28,470	19,589	-16,766	11,437	24,590
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
177	2,367	3,110	2,718	2,204	1,817	823	-1,227	-309	-38	-1,167	-353	-181	-485	-308	-534	-501	-690	-595	-580	-1,024	-1,837	-1,595	-1,046	-13,983	-18,501	-2,578	-2,426	-2,712	-9,534	-3,111	-10,670	3,672	-4,619	-4,378	-4,116	-1,213
Amortization of debt premiums, discounts, and issuance costs
9,221	12,258	13,772	13,196	10,826	8,463	8,043	7,693	6,008	5,780	5,599	5,823	5,656	6,968	8,646	8,500	7,643	5,459	3,731	3,038	2,832	2,305	2,240	2,486	2,658	2,720	2,833	3,000	3,286	4,005	3,719	3,572	3,362	3,978	3,057	2,975	2,790
Net change in fair value of trading securities, hedged assets, and financial derivatives
379,004	-106,457	118,324	139,117	69,096	65,801	-15,954	-6,926	-19,174	-1,045	110	12,647	-525	16,758	2,642	-1,683	-2,631	3,439	-6,914	16,151	-532	-4,676	4,099	-4,607	-3,029	12,236	6,500	16,629	8,997	4,052	4,876	-24,679	16,768	4,414	-58,837	-4,836	15,135
Losses on sale of available-for-sale investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-9	-	3	0	6	0	-396	143	15	-960	0	3,071	2	-10	0	0	28	0	74	38	157
Gain on sale of real estate owned
485	0	0	0	0	-	-	-	-	964	32	757	-5	0	15	0	0	0	0	0	-1	-28	0	168	-3	26	39	1,124	47	629	-13	262	0	254	-4	627	97
Total provision for/(release of) allowance for losses
3,831	2,851	623	420	-393	166	-3	582	-410	464	384	466	444	512	-31	458	63	-49	-303	1,256	-696	-479	-804	-2,557	674	12	-36	-704	1,176	1,157	94	174	450	-118	-801	-775	-653
Excess tax benefits related to stock-based awards
-508	-42	183	132	127	-205	202	463	440	-310	338	153	679	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-3,347	152	-5,237	2,972	2,902	875	4,207	-2,296	-161	1,311	-185	676	1,419	5,373	694	-481	-1,483	1,810	-3,475	6,718	-1,061	9,361	1,156	-11,487	-6,009	-3,730	283	8,125	1,992	-97	1,772	-8,847	5,190	1,795	-21,127	-5,393	5,786
Stock-based compensation expense
1,293	594	407	533	724	635	613	605	664	105	813	803	981	778	777	761	1,027	812	813	805	839	676	756	714	713	680	748	674	865	-293	921	844	956	675	764	775	715
Purchases of loans held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	57,626	27,336	58,972	27,991	61,999	32,707	38,893	80,517
Proceeds from repayment of loans purchased as held for sale
20,674	9,338	21,618	4,568	18,671	15,801	14,181	27,379	34,699	15,711	22,409	6,582	25,928	2,581	30,046	8,666	28,794	12,728	28,136	22,588	32,140	3,518	36,264	16,217	42,713	18,914	72,834	10,746	66,095	7,558	65,759	31,283	46,873	12,630	32,349	15,120	35,892
Proceeds from (Payments for) Trading Securities, Short-term
-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,887	120	205	113	107	190	247	144	127	131	283	118	155	186	315	147	136	239	288	83,172	136	168	382
Net change in:
Interest receivable
-44,679	40,475	-25,973	40,782	-36,204	44,403	-19,416	42,098	-41,219	45,146	-16,378	40,992	-37,292	36,094	-19,872	31,333	-37,633	38,737	-27,164	34,815	-40,562	40,117	-29,999	30,202	-43,327	36,817	-23,521	27,646	-36,879	33,665	-26,313	22,427	-36,717	30,760	-9,344	23,285	-24,719
Guarantee and commitment fees receivable
-160	55	124	-62	-58	102	94	-23	15	132	94	-677	357	-784	2	264	-800	29	2,313	-495	-1,120	-1,387	-166	-1,533	1,318	180	422	715	570	4,049	-382	6,867	-129	1,137	-1,577	-92	-2,836
Other assets
39,783	4,619	-10,881	3,332	5,674	-833	-5,609	904	11,973	-3,750	409	1,936	-2,236	-90,392	-8,138	23,949	31,021	-10,823	11,551	-7,116	-2,066	20,445	4,706	11,646	2,827	-3,985	-10,957	-10,927	-27,003	5,812	-17,244	61,322	-6,690	11,892	10,381	2,692	-15,342
Accrued interest payable
-2,579	2,619	-3,789	13,709	-2,323	9,308	-1,071	17,158	-4,054	13,598	-2,156	17,115	-2,855	9,430	-7,636	9,754	-9,469	9,791	-12,353	13,800	-11,972	13,502	-14,734	12,483	-16,668	16,312	-15,273	17,259	-16,305	16,292	-19,510	13,160	-19,017	11,856	-7,154	13,297	-14,276
Other liabilities
2,884	-1,117	1,887	-2,877	3,528	1,151	-5,973	-2,036	6,111	2,446	923	-9,093	8,605	-1,391	2,284	-4,272	2,495	1,241	2,974	-6,631	2,793	-8,449	8,865	-8,748	4,793	-808	901	-5,933	5,069	1,165	-556	626	3,783	-9,737	6,814	-3,627	-349
Net cash (used in)/provided by operating activities
-330,311	118,377	-37,407	-119,189	18,520	-52,194	90,071	44,324	117,830	17,702	66,718	-12,043	102,634	91,849	81,967	-14,537	53,412	19,481	52,054	24,328	89,035	-1,675,600	61,871	1,676,130	92,651	25,856	114,381	31,694	142,059	-50,488	89,833	-78,818	72,776	18,003	28,250	-22,514	3,081
Cash flows from investing activities:
Purchases of loans held for investment
554,771	705,926	427,084	353,152	748,553	263,009	192,628	224,102	267,756	219,925	368,291	337,008	341,702	254,497	302,703	251,100	208,215	271,347	229,465	197,435	138,929	181,325	160,179	161,285	246,310	287,144	198,196	236,357	190,149	180,567	132,101	144,738	106,845	91,433	68,268	113,915	215,867
Purchases of defaulted loans
-	-	-	-	-	-	-	-	-	-3,147	3,043	104	311	0	1,101	0	1,415	14,663	263	1,324	657	265	0	0	440	0	629	5,935	140	5,993	7,174	3,128	729	397	2,921	1,420	16,925
Proceeds from repayment of securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	164,004	174,881	336,681
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Guaranteed Securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,562	75,196	572,505
Proceeds from repayment of loans purchased as held for investment
345,736	189,912	237,893	107,407	222,980	102,375	173,161	144,510	191,298	66,530	118,715	67,321	182,790	68,977	134,563	66,705	132,652	62,147	105,185	48,234	95,570	33,561	104,131	58,240	141,534	48,645	84,574	38,345	93,587	44,741	84,911	71,226	88,440	41,013	69,679	54,099	127,693
Proceeds from sale of Farmer Mac Guaranteed Securities
28,050	122,018	33,045	49,643	116,708	77,538	109,101	65,088	131,202	114,973	156,271	98,368	149,607	151,978	178,926	138,882	139,561	105,671	118,802	62,953	49,487	5,934	42,963	64,106	62,751	-	-	-	-	-	-	-	-	-	-	-	7,363
Proceeds from sale of real estate owned
2,191	0	0	0	0	-	-	-	-	1,635	320	5,447	697	0	295	0	0	0	0	0	-1	703	763	450	11	268	367	3,204	203	994	124	938	0	2,840	82	974	305
Net cash used in investing activities
-426,895	-321,618	-321,439	-761,408	-980,122	-357,942	374,837	-225,081	-383,276	-65,359	-349,242	-1,182,091	-245,913	336,635	-756,215	-188,068	14,239	-882,634	-37,808	73,831	-403,922	1,121,587	360,136	-1,488,440	-76,945	-198,977	-184,188	-691,122	79,194	-147,122	-403,011	-285,197	-493,480	-293,288	-862,693	-463,279	-385,554
Cash flows from financing activities:
Excess Tax Benefit from Share-based Compensation, Financing Activities
-	-	-	-	-	-	-	-	-	-	-	-	-	1,020	155	19	234	0	0	128	26	-6	22	-1	36	165	337	45	613	1,119	138	233	623	0	99	-250	394
Payments to third parties on debt securities of consolidated trusts
99,769	38,002	62,671	16,557	64,263	14,567	51,487	33,834	38,918	20,306	31,633	8,023	46,926	10,403	30,547	8,249	33,010	5,125	21,808	4,848	15,793	3,432	20,465	1,747	11,868	2,124	19,130	9,611	25,413	5,017	32,297	20,962	48,162	23,713	43,738	28,944	51,839
Proceeds from common stock issuance
19	19	19	3	3	0	0	4	3	3	3	84	148	148	268	36	101	4	197	1,484	4	35	197	6	6	436	272	317	888	2,894	14	23	4	2	4	36	-20
Retirement of Series B preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	57,578	-	0	0	0	-	-	-	-
Proceeds from Series D preferred stock issuance, net of stock issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Tax payments related to share-based awards
189	27	638	424	688	-4	112	1,116	1,407	253	614	328	1,341	2,128	253	223	1,499	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of common stock
235	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for Repurchase of Redeemable Preferred Stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	244,000	0	0	6,000	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments of Ordinary Dividends, Noncontrolling Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	5,415	5,414	5,412	5,819	5,547	5,546	5,547	5,547	5,547	5,546	5,547	5,547	5,547	5,546	5,547	5,547	5,547
Dividends paid on common and preferred stock
12,002	10,930	10,923	11,275	10,766	9,484	9,482	9,482	9,457	7,118	7,114	7,113	7,094	6,036	6,019	6,015	5,997	5,016	5,059	5,062	5,045	5,164	3,701	2,726	2,405	2,189	2,184	2,180	1,426	2,510	1,770	1,766	1,038	1,238	1,237	1,236	1,235
Net cash provided by financing activities
1,384,410	219,681	550,185	901,077	912,468	399,240	-459,568	118,311	456,682	-17,085	329,295	1,200,486	191,691	-476,836	-776,797	237,668	451,828	556,701	-180,866	28,751	507,746	1,289,730	-178,460	-670,152	101,566	270,721	70,797	416,764	-113,430	113,134	430,716	141,554	578,621	267,317	891,122	474,685	431,996
Net change in cash and cash equivalents
627,204	16,440	191,339	20,480	-49,134	-10,896	5,340	-62,446	191,236	-64,742	46,771	6,352	48,412	-48,352	-1,451,045	35,063	519,479	-306,452	-166,620	126,910	192,859	735,717	243,547	-482,462	117,272	97,600	990	-242,664	107,823	-84,476	117,538	-222,461	157,917	-7,968	56,679	-11,108	49,523
Non-cash activity:
Loans acquired and securitized as Farmer Mac Guaranteed Securities
28,050	122,018	33,045	49,643	116,708	77,538	109,101	65,088	131,202	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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
28,050	122,018	23,539	20,224	97,780	55,316	82,781	20,074	96,909	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment
4,742	87	671	0	4,721	1,475	5,552	0	721	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Maturity of investment security - not yet settled
0	-	-	5,235	-40,310	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of securities - traded, not yet settled
50,000	-8,680	-1,320	-25,100	35,100	-250,000	200,000	42,960	5,640	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Noncontrolling Interests
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1	52	67	44	131	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt Securities
Purchases of securities
704,306	294,419	654,056	744,575	473,326	387,742	293,983	296,990	242,677	365,248	342,739	205,123	66,561	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from repayment of securities
706,061	433,979	490,961	295,222	205,240	427,598	411,694	139,397	263,621	431,282	387,088	324,660	183,749	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of available-for-sale investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	78,573
Farmer Mac Guaranteed Securities and USDA Securities
Purchases of securities
657,959	523,303	507,521	802,769	857,511	926,020	701,518	912,095	931,199	333,285	472,055	1,415,929	692,245	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from repayment of securities
408,103	443,754	505,792	686,816	554,340	611,318	870,478	859,010	472,235	275,435	169,403	280,277	338,063	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes Payable to Banks
Proceeds from issuance of discount notes and medium-term notes
17,783,348	17,606,507	18,770,451	15,492,186	12,773,401	10,780,362	9,909,639	10,449,130	10,587,657	11,718,768	12,760,207	13,883,341	13,618,574	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to redeem notes
17,387,222	17,577,217	18,771,644	15,132,944	12,597,517	10,360,680	10,373,311	10,216,481	10,941,104	11,889,741	13,084,090	14,323,702	14,766,905	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Medium-term Notes
Proceeds from issuance of discount notes and medium-term notes
3,734,025	2,563,350	3,165,160	2,343,013	2,124,252	1,583,232	2,006,379	2,042,390	2,060,844	1,440,562	1,902,536	3,006,227	2,251,535	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to redeem notes
2,633,565	2,324,019	2,539,569	1,794,584	1,311,954	1,579,627	1,941,194	2,112,300	1,200,936	1,259,000	1,210,000	1,350,000	856,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-