FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
AGM$173.58-4.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years Ended | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $207,193 | $200,003 | $178,144 |
| 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) | (17,025) | 720 |
| Amortization of debt premiums, discounts, and issuance costs | 21,242 | 31,421 | 19,656 |
| Net change in fair value of trading securities, loans held for sale, hedged items, and financial derivatives | 214,319 | 78,249 | 689,998 |
| Losses on sale of mortgage loans | 1,147 | — | — |
| Gains on the sale of available-for-sale investment securities | (1,052) | — | — |
| Total provision for/(release of) allowance for losses | 11,490 | 1,136 | 806 |
| Excess tax benefits related to stock-based awards | 831 | 523 | 101 |
| Deferred income taxes | (516) | 6,690 | 12,406 |
| Stock-based compensation expense | 8,088 | 6,801 | 4,624 |
| Proceeds from repayment of loans purchased as held for sale | 29,216 | 24,378 | 33,311 |
| Net change in: | |||
| Interest receivable | (31,885) | (63,944) | (63,777) |
| Guarantee and commitment fees receivable | 96 | (1,700) | 1,043 |
| Other assets | 18,590 | 54,369 | (126,054) |
| Accrued interest payable | 13,272 | 63,954 | 58,884 |
| Custodial deposit liability | 130,643 | (10,778) | (7,666) |
| Other liabilities | 13,851 | 1,721 | 7,075 |
| Net cash provided by operating activities | 612,646 | 375,798 | 809,271 |
| Cash flows from investing activities: | |||
| Purchases of equipment and leasehold improvements | (5,272) | — | — |
| Purchases of available-for-sale and held-to-maturity investment securities | (2,431,900) | (1,573,707) | (2,472,056) |
| Purchases of other investment securities | (3,293) | (3,145) | (2,443) |
| Purchases of Farmer Mac Guaranteed Securities and USDA Securities | (1,600,144) | (4,453,284) | (5,275,733) |
| Purchases of loans held for investment | (3,870,628) | (2,164,053) | (2,592,924) |
| Purchases of defaulted loans | (4,447) | — | — |
| Proceeds from repayment of available-for-sale and held-to-maturity investment securities | 1,328,716 | 1,397,096 | 1,440,201 |
| Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities | 3,067,497 | 3,478,124 | 4,429,364 |
| Proceeds from repayment of loans purchased as held for investment | 1,655,784 | 1,363,588 | 1,321,989 |
| Proceeds from sale of available-for-sale investment securities | 115,247 | — | — |
| Proceeds from sale of loans previously classified as held for investment | 5,775 | — | 9,000 |
| Proceeds from sale of Farmer Mac Guaranteed Securities | 60,192 | — | 99,643 |
| Net cash used in investing activities | (1,682,473) | (1,955,381) | (3,042,959) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of discount notes | 59,737,284 | 49,291,165 | 52,470,273 |
| Proceeds from issuance of medium-term notes | 8,545,837 | 8,274,618 | 9,031,116 |
| Proceeds from issuance of debt securities of consolidated trusts | 588,250 | 222,188 | 258,198 |
| Payments to redeem discount notes | (59,308,438) | (48,138,591) | (54,085,418) |
| Payments to redeem medium-term notes | (8,052,883) | (7,862,450) | (5,192,159) |
| Payments to third parties on debt securities of consolidated trusts | (138,807) | (102,045) | (226,291) |
| Proceeds from common stock issuance | 287 | 233 | 192 |
| Tax payments related to share-based awards | (5,351) | (3,013) | (1,835) |
| Retirement of preferred stock | (75,000) | — | — |
| Dividends paid on common and preferred stock | (86,052) | (74,817) | (68,171) |
| Net cash provided by financing activities | 1,205,127 | 1,607,288 | 2,185,905 |
| Net change in cash and cash equivalents | 135,300 | 27,705 | (47,783) |
| Cash, cash equivalents, and restricted cash at beginning of period | 888,707 | 861,002 | 908,785 |
| Cash, cash equivalents, and restricted cash at end of period | $1,024,007 | $888,707 | $861,002 |
| Cash paid during the period for: | |||
|---|---|---|---|
| Interest | 819,959 | 582,960 | 269,327 |
| Income taxes | 39,200 | 48,000 | 33,800 |
| Non-cash activity: | |||
| Loans securitized as Farmer Mac Guaranteed Securities | 109,546 | 36,497 | 162,875 |
| Loans held for investment transferred to consolidated trusts | 624,097 | 281,027 | 297,713 |
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