FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 23, 2024
AGM$173.58-4.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| For the Years Ended | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $200,003 | $178,144 | $136,089 |
| 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 | (17,025) | 720 | 17,314 |
| Amortization of debt premiums, discounts, and issuance costs | 31,421 | 19,656 | 6,780 |
| Net change in fair value of trading securities, hedged items, and financial derivatives | 78,249 | 689,998 | 205,701 |
| Gain on the sale of available-for-sale investment securities | — | — | (253) |
| Gain on the sale of mortgage loans | — | — | (6,539) |
| Total provision for/(release of) allowance for losses | 1,136 | 806 | (2,187) |
| Excess tax benefits related to stock-based awards | 523 | 101 | 292 |
| Deferred income taxes | 6,690 | 12,406 | (1,630) |
| Stock-based compensation expense | 6,801 | 4,624 | 4,311 |
| Proceeds from repayment of loans purchased as held for sale | 24,378 | 33,311 | 46,968 |
| Net change in: | |||
| Interest receivable | (63,944) | (63,777) | 4,446 |
| Guarantee and commitment fees receivable | (1,700) | 1,043 | (34) |
| Other assets | 54,369 | (126,054) | (9,830) |
| Accrued interest payable | 63,954 | 58,884 | (9,526) |
| Custodial deposit liability | (10,778) | (7,666) | 44,955 |
| Other liabilities | 1,721 | 7,075 | (445) |
| Net cash provided by operating activities | 375,798 | 809,271 | 436,412 |
| Cash flows from investing activities: | |||
| Purchases of available-for-sale and held-to-maturity investment securities | (1,573,707) | (2,472,056) | (2,004,911) |
| Purchases of other investment securities | (3,145) | (2,443) | (1,229) |
| Purchases of Farmer Mac Guaranteed Securities and USDA Securities | (4,453,284) | (5,275,733) | (4,380,901) |
| Purchases of loans held for investment | (2,164,053) | (2,592,924) | (2,916,493) |
| Purchases of defaulted loans | — | — | (8,713) |
| Proceeds from repayment of available-for-sale and held-to-maturity investment securities | 1,397,096 | 1,440,201 | 1,740,000 |
| Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities | 3,478,124 | 4,429,364 | 4,027,726 |
| Proceeds from repayment of loans purchased as held for investment | 1,363,588 | 1,321,989 | 1,889,408 |
| Proceeds from sale of loans previously classified as held for investment | — | 9,000 | 301,393 |
| Proceeds from sale of available-for-sale investment securities | — | — | 257,524 |
| Proceeds from sale of Farmer Mac Guaranteed Securities | — | 99,643 | — |
| Net cash used in investing activities | (1,955,381) | (3,042,959) | (1,096,196) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of discount notes | 49,291,165 | 52,470,273 | 61,112,365 |
| Proceeds from issuance of medium-term notes | 8,274,618 | 9,031,116 | 11,173,147 |
| Proceeds from third parties from issuance of debt securities of consolidated trusts | 222,188 | 258,198 | — |
| Payments to redeem discount notes | (48,138,591) | (54,085,418) | (60,743,066) |
| Payments to redeem medium-term notes | (7,862,450) | (5,192,159) | (10,586,370) |
| Payments to third parties on debt securities of consolidated trusts | (102,045) | (226,291) | (480,272) |
| Proceeds from common stock issuance | 233 | 192 | 117 |
| Proceeds from preferred stock issuance, net of stock issuance costs | — | — | 121,327 |
| Tax payments related to share-based awards | (3,013) | (1,835) | (1,305) |
| Dividends paid on common and preferred stock | (74,817) | (68,171) | (61,315) |
| Net cash provided by financing activities | 1,607,288 | 2,185,905 | 534,628 |
| Net change in cash and cash equivalents | 27,705 | (47,783) | (125,156) |
| Cash and cash equivalents at beginning of period | 861,002 | 908,785 | 1,033,941 |
| Cash and cash equivalents at end of period | $888,707 | $861,002 | $908,785 |
| Cash paid during the period for: | |||
|---|---|---|---|
| Interest | 582,960 | 269,327 | 198,593 |
| Income taxes | 48,000 | 33,800 | 36,300 |
| Non-cash activity: | |||
| Loans securitized as Farmer Mac Guaranteed Securities | 36,497 | 162,875 | 113,175 |
| Loans held for investment transferred to consolidated trusts | 281,027 | 297,713 | — |
| Reclassification of loans held for investment to loans held for sale | — | — | 301,551 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.