Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 9

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 9
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— 8,087 Other stock-based award activity— — — — (5,399)— — (5,399)Balance as of December 31, 202416,980 $411,149 10,891 $10,891 $135,894 $(12,147)$943,239 $1,489,026 

The accompanying notes are an integral part of these consolidated financial statements.

120

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended 202420232022 (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 costs21,242 31,421 19,656 Net change in fair value of trading securities, loans held for sale, hedged items, and financial derivatives214,319 78,249 689,998 Losses on sale of mortgage loans1,147 — — Gains on the sale of available-for-sale investment securities(1,052)— — Total provision for/(release of) allowance for losses11,490 1,136 806 Excess tax benefits related to stock-based awards831 523 101 Deferred income taxes(516)6,690 12,406 Stock-based compensation expense8,088 6,801 4,624 Proceeds from repayment of loans purchased as held for sale29,216 24,378 33,311 Net change in:Interest receivable(31,885)(63,944)(63,777)Guarantee and commitment fees receivable96 (1,700)1,043 Other assets18,590 54,369 (126,054)Accrued interest payable13,272 63,954 58,884 Custodial deposit liability130,643 (10,778)(7,666)Other liabilities13,851 1,721 7,075 Net cash provided by operating activities612,646 375,798