FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
AGM$181.57+0.8%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in thousands, except per share amounts) | |||
| Interest income: | |||
| Investments and cash equivalents | $287,144 | $82,659 | $18,660 |
| Farmer Mac Guaranteed Securities and USDA Securities | 590,250 | 283,769 | 164,723 |
| Loans | 514,894 | 350,420 | 242,582 |
| Total interest income | 1,392,288 | 716,848 | 425,965 |
| Total interest expense | 1,064,741 | 445,908 | 204,014 |
| Net interest income | 327,547 | 270,940 | 221,951 |
| (Provision for)/release of losses | (858) | (1,323) | 860 |
| Net interest income after (provision for)/release of losses | 326,689 | 269,617 | 222,811 |
| Non-interest income/(expense): | |||
| Guarantee and commitment fees | 16,712 | 13,040 | 12,669 |
| Gains on financial derivatives | 2,882 | 22,631 | 324 |
| Gains on sale of mortgage loans | — | — | 6,539 |
| Gains/(losses) on trading securities | 24 | (51) | (115) |
| Gains on sale of available-for-sale investment securities | — | — | 253 |
| (Provision for)/release of reserve for losses | (278) | 517 | 1,327 |
| Other income | 4,171 | 2,551 | 2,069 |
| Non-interest income | 23,511 | 38,688 | 23,066 |
| Operating expenses: | |||
| Compensation and employee benefits | 58,914 | 48,766 | 42,847 |
| General and administrative | 34,963 | 29,772 | 27,507 |
| Regulatory fees | 3,222 | 3,269 | 3,062 |
| Real estate owned operating costs, net | — | 819 | — |
| Operating expenses | 97,099 | 82,626 | 73,416 |
| Income before income taxes | 253,101 | 225,679 | 172,461 |
| Income tax expense | 53,098 | 47,535 | 36,372 |
| Net income | 200,003 | 178,144 | 136,089 |
| Preferred stock dividends | (27,165) | (27,165) | (24,677) |
| Net income attributable to common stockholders | $172,838 | $150,979 | $111,412 |
| Earnings per common share: | |||
| Basic earnings per common share | $15.97 | $14.00 | $10.36 |
| Diluted earnings per common share | $15.81 | $13.87 | $10.27 |
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