FEDERAL AGRICULTURAL MORTGAGE CORPORATION AGM Cash Flow

Federal agricultural mortgage corporation (AGM)

CashFlow / TTM

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
97	109	99	111	107	108	105	97	88	84	93	90	85	77	66	58	68	73	69	78	81	70	74	76	82	97	94	95	63	68	72	33	42	38	0	0	0
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
8	10	9	7	3	1	-0	-2	-1	-1	-2	-1	-1	-1	-2	-2	-2	-2	-4	-5	-5	-18	-35	-36	-37	-26	-17	-17	-26	-19	-14	-15	-9	-14	0	0	0
Amortization of debt premiums, discounts, and issuance costs
48	50	46	40	35	30	27	25	23	22	24	27	29	31	30	25	19	15	11	10	9	9	10	10	11	11	13	14	14	14	14	13	13	12	0	0	0
Net change in fair value of trading securities, hedged assets, and financial derivatives
529	220	392	258	112	23	-43	-27	-7	11	28	31	17	15	1	-7	10	12	4	15	-5	-8	8	11	32	44	36	34	-6	1	1	-62	-42	-44	0	0	0
Losses on sale of available-for-sale investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0	-	0	-0	-0	-0	-1	-0	2	2	3	3	-0	0	0	0	0	0	0	0	0
Gain on sale of real estate owned
0	0	0	0	0	-	-	-	-	1	0	0	0	0	0	0	0	-0	-0	-0	0	0	0	0	1	1	1	1	0	0	0	0	0	0	0	0	0
Total provision for/(release of) allowance for losses
7	3	0	0	0	0	0	1	0	1	1	1	1	1	0	0	0	0	-0	-0	-4	-3	-2	-1	-0	0	1	1	2	1	0	-0	-1	-2	0	0	0
Excess tax benefits related to stock-based awards
-0	0	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-5	0	1	10	5	2	3	-1	1	3	7	8	7	4	0	-3	3	3	11	16	-2	-6	-20	-20	-1	6	10	11	-5	-1	-0	-22	-19	-18	0	0	0
Stock-based compensation expense
2	2	2	2	2	2	1	2	2	2	3	3	3	3	3	3	3	3	3	3	2	2	2	2	2	2	1	2	2	2	3	3	3	2	0	0	0
Purchases of loans held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	171	176	181	161	214	0	0	0
Proceeds from repayment of loans purchased as held for sale
56	54	60	53	76	92	91	100	79	70	57	65	67	70	80	78	92	95	86	94	88	98	114	150	145	168	157	150	170	151	156	123	106	95	0	0	0
Proceeds from (Payments for) Trading Securities, Short-term
-	-	-	-	-	-	-	-	-	-	-	-	-	2	2	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	83	83	83	83	0	0	0
Net change in:
Interest receivable
10	19	23	29	30	25	26	29	28	32	23	19	10	9	12	5	8	5	7	4	-0	-3	-6	0	-2	4	0	-1	-7	-6	-9	7	7	19	0	0	0
Guarantee and commitment fees receivable
-0	0	0	0	0	0	0	0	-0	-0	-1	-1	-0	-1	-0	1	1	0	-0	-3	-4	-1	-0	0	2	1	5	4	11	10	7	6	-0	-3	0	0	0
Other assets
36	2	-2	2	0	6	3	9	10	-3	-90	-98	-76	-43	36	55	24	-8	22	15	34	39	15	-0	-23	-52	-43	-49	22	43	49	76	18	9	0	0	0
Accrued interest payable
9	10	16	19	23	21	25	24	24	25	21	16	8	2	2	-2	1	-0	2	0	-0	-5	-2	-3	1	1	1	-2	-6	-9	-13	-1	-1	3	0	0	0
Other liabilities
0	1	3	-4	-3	-0	0	7	0	2	-0	0	5	-0	1	2	0	0	-9	-3	-5	-3	4	-3	-1	-0	1	-0	6	5	-5	1	-2	-6	0	0	0
Net cash (used in)/provided by operating activities
-368	-19	-190	-62	100	200	269	246	190	175	249	264	261	212	140	110	149	184	-1,510	-1,500	151	155	1,856	1,909	264	313	237	213	102	33	101	40	96	26	0	0	0
Cash flows from investing activities:
Purchases of loans held for investment
2,040	2,234	1,791	1,557	1,428	947	904	1,080	1,192	1,266	1,301	1,235	1,150	1,016	1,033	960	906	837	747	677	641	749	854	892	968	911	805	739	647	564	475	411	380	489	0	0	0
Purchases of defaulted loans
-	-	-	-	-	-	-	-	-	0	3	1	1	2	17	16	17	16	2	2	0	0	0	1	7	6	12	19	16	17	11	7	5	21	0	0	0
Proceeds from repayment of securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Guaranteed Securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Proceeds from repayment of loans purchased as held for investment
880	758	670	605	643	611	575	521	443	435	437	453	453	402	396	366	348	311	282	281	291	337	352	332	313	265	261	261	294	289	285	270	253	292	0	0	0
Proceeds from sale of Farmer Mac Guaranteed Securities
232	321	276	352	368	382	420	467	500	519	556	578	619	609	563	502	426	336	237	161	162	175	0	0	0	-	-	-	-	-	-	-	-	-	-	-	0
Proceeds from sale of real estate owned
2	0	0	0	0	-	-	-	-	8	6	6	0	0	0	0	0	-0	0	1	1	1	1	1	3	4	4	4	2	2	3	3	3	4	0	0	0
Net cash used in investing activities
-1,831	-2,384	-2,420	-1,724	-1,188	-591	-298	-1,022	-1,979	-1,842	-1,440	-1,847	-853	-593	-1,812	-1,094	-832	-1,250	753	1,151	-410	-83	-1,404	-1,948	-1,151	-995	-943	-1,162	-756	-1,328	-1,474	-1,934	-2,112	-2,004	0	0	0
Cash flows from financing activities:
Excess Tax Benefit from Share-based Compensation, Financing Activities
-	-	-	-	-	-	-	-	-	-	-	-	-	1	0	0	0	0	0	0	0	0	0	0	0	1	2	1	2	2	0	0	0	0	0	0	0
Payments to third parties on debt securities of consolidated trusts
216	181	158	146	164	138	144	124	98	106	96	95	96	82	76	68	64	47	45	44	41	37	36	34	42	56	59	72	83	106	125	136	144	148	0	0	0
Proceeds from common stock issuance
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	0	0	0	0	1	1	4	4	3	2	0	0	0	0	0	0	0
Retirement of Series B preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	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
1	1	1	1	1	2	2	3	2	2	4	4	3	4	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of common stock
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for Repurchase of Redeemable Preferred Stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	244	244	244	250	6	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments of Ordinary Dividends, Noncontrolling Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5	10	16	22	22	22	22	22	22	22	22	22	22	22	22	22	22	0	0	0
Dividends paid on common and preferred stock
45	43	42	41	39	37	35	33	30	28	27	26	25	24	23	22	21	20	20	18	16	13	11	9	8	7	8	7	7	7	5	5	4	4	0	0	0
Net cash provided by financing activities
3,055	2,583	2,762	1,753	970	514	98	887	1,969	1,704	1,244	138	-824	-564	469	1,065	856	912	1,645	1,647	948	542	-476	-227	859	644	487	847	571	1,264	1,418	1,878	2,211	2,065	0	0	0
Net change in cash and cash equivalents
855	179	151	-34	-117	123	69	110	179	36	53	-1,444	-1,415	-944	-1,202	81	173	-153	888	1,299	689	614	-24	-266	-26	-36	-218	-101	-81	-31	45	-15	195	87	0	0	0
Non-cash activity:
Loans acquired and securitized as Farmer Mac Guaranteed Securities
232	321	276	352	368	382	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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
193	263	196	256	255	255	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment
5	5	6	11	11	7	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Maturity of investment security - not yet settled
0	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of securities - traded, not yet settled
14	0	-241	-40	28	-1	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Noncontrolling Interests
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt Securities
Purchases of securities
2,397	2,166	2,259	1,899	1,452	1,221	1,198	1,247	1,155	979	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from repayment of securities
1,926	1,425	1,419	1,339	1,183	1,242	0	1,221	1,406	1,326	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of available-for-sale investment securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Farmer Mac Guaranteed Securities and USDA Securities
Purchases of securities
2,491	2,691	3,093	3,287	3,397	3,470	2,878	2,648	3,152	2,913	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from repayment of securities
2,044	2,190	2,358	2,722	2,895	2,813	0	1,776	1,197	1,063	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes Payable to Banks
Proceeds from issuance of discount notes and medium-term notes
69,652	64,642	57,816	48,955	43,912	41,726	0	45,515	48,949	51,980	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to redeem notes
68,869	64,079	56,862	48,464	43,547	41,891	0	46,131	50,238	54,064	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Medium-term Notes
Proceeds from issuance of discount notes and medium-term notes
11,805	10,195	9,215	8,056	7,756	7,692	0	7,446	8,410	8,600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to redeem notes
9,291	7,970	7,225	6,627	6,945	6,834	0	5,782	5,019	4,675	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-