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
Extracted filing text, with the paragraph anchors used by the comparison.
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Supplemental Information
The following tables present quarterly and annual information about new business volume, repayments, and outstanding business volume:
Table 37
| New Business Volume | |||||
|---|---|---|---|---|---|
| Agricultural Finance · Rural Infrastructure Finance | |||||
| Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Total | |
| (in thousands) | |||||
| For the quarter ended: | |||||
| December 31, 2023 | $1,282,045 | $188,272 | $434,511 | $225,986 | $2,130,814 |
| September 30, 2023 | 1,384,273 | 275,932 | 607,979 | 17,390 | 2,285,574 |
| June 30, 2023 | 1,574,169 | 218,136 | 294,292 | 71,611 | 2,158,208 |
| March 31, 2023 | 750,040 | 203,211 | 683,232 | 89,747 | 1,726,230 |
| December 31, 2022 | 1,114,255 | 165,395 | 140,222 | 43,737 | 1,463,609 |
| September 30, 2022 | 1,927,209 | 169,932 | 547,117 | 61,653 | 2,705,911 |
| June 30, 2022 | 1,418,397 | 107,916 | 326,899 | 35,307 | 1,888,519 |
| March 31, 2022 | 2,452,539 | 103,353 | 377,965 | 41,636 | 2,975,493 |
| December 31, 2021 | 2,075,540 | 411,838 | 631,338 | 12,594 | 3,131,310 |
| For the year ended: | |||||
| December 31, 2023 | $4,990,527 | $885,551 | $2,020,014 | $404,734 | $8,300,826 |
| December 31, 2022 | 6,912,400 | 546,596 | 1,392,203 | 182,333 | 9,033,532 |
Table 38
| Repayments of Assets | |||||
|---|---|---|---|---|---|
| Agricultural Finance · Rural Infrastructure Finance | |||||
| Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Total | |
| (in thousands) | |||||
| For the quarter ended: | |||||
| Scheduled | $827,122 | $133,468 | $53,614 | $69,040 | $1,083,244 |
| Unscheduled | 106,041 | 102,131 | 18,469 | — | 226,641 |
| December 31, 2023 | $933,163 | $235,599 | $72,083 | $69,040 | $1,309,885 |
| Scheduled | $922,223 | $110,383 | $80,998 | $14,716 | $1,128,320 |
| Unscheduled | 108,960 | 104,999 | 20,578 | — | 234,537 |
| September 30, 2023 | $1,031,183 | $215,382 | $101,576 | $14,716 | $1,362,857 |
| Scheduled | $1,050,480 | $81,386 | $558,944 | $52,203 | $1,743,013 |
| Unscheduled | 96,507 | 55,976 | 13,138 | — | 165,621 |
| June 30, 2023 | $1,146,987 | $137,362 | $572,082 | $52,203 | $1,908,634 |
| Scheduled | $279,676 | $78,482 | $95,809 | $11,424 | $465,391 |
| Unscheduled | 231,288 | 128,254 | 57,354 | — | 416,896 |
| March 31, 2023 | $510,964 | $206,736 | $153,163 | $11,424 | $882,287 |
| Scheduled | $447,976 | $64,308 | $75,671 | $9,809 | $597,764 |
| Unscheduled | 136,245 | 132,366 | 1,201 | — | 269,812 |
| December 31, 2022 | $584,221 | $196,674 | $76,872 | $9,809 | $867,576 |
| Scheduled | $724,580 | $38,018 | $422,917 | $13,429 | $1,198,944 |
| Unscheduled | 296,763 | 64,439 | — | — | 361,202 |
| September 30, 2022 | $1,021,343 | $102,457 | $422,917 | $13,429 | $1,560,146 |
| Scheduled | $1,114,779 | $42,162 | $159,491 | $7,898 | $1,324,330 |
| Unscheduled | 286,303 | 30,203 | 1,791 | — | 318,297 |
| June 30, 2022 | $1,401,082 | $72,365 | $161,282 | $7,898 | $1,642,627 |
| Scheduled | $1,535,369 | $39,480 | $266,349 | $7,790 | $1,848,988 |
| Unscheduled | 434,794 | 60,947 | 397 | — | 496,138 |
| March 31, 2022 | $1,970,163 | $100,427 | $266,746 | $7,790 | $2,345,126 |
| Scheduled | $928,663 | $205,778 | $816,802 | $18,526 | $1,969,769 |
| Unscheduled | 318,024 | 48,042 | — | — | 366,066 |
| December 31, 2021 | $1,246,687 | $253,820 | $816,802 | $18,526 | $2,335,835 |
| For the year ended: | |||||
| Scheduled | $3,079,501 | $403,719 | $789,365 | $147,383 | $4,419,968 |
| Unscheduled | 542,796 | 391,360 | 109,539 | — | 1,043,695 |
| December 31, 2023 | $3,622,297 | $795,079 | $898,904 | $147,383 | $5,463,663 |
| Scheduled | $3,822,704 | $183,968 | $924,428 | $38,926 | $4,970,026 |
| Unscheduled | 1,154,105 | 287,955 | 3,389 | — | 1,445,449 |
| December 31, 2022 | $4,976,809 | $471,923 | $927,817 | $38,926 | $6,415,475 |
Table 39
| Outstanding Business Volume | |||||
|---|---|---|---|---|---|
| Agricultural Finance · Rural Infrastructure Finance | |||||
| Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Total | |
| (in thousands) | |||||
| As of: | |||||
| December 31, 2023 | $18,808,801 | $1,693,979 | $7,480,723 | $487,521 | $28,471,024 |
| September 30, 2023 | 18,461,835 | 1,741,306 | 7,118,295 | 330,575 | 27,652,011 |
| June 30, 2023 | 18,116,503 | 1,680,756 | 6,611,892 | 327,901 | 26,737,052 |
| March 31, 2023 | 17,685,961 | 1,599,982 | 6,889,682 | 308,493 | 26,484,118 |
| December 31, 2022 | 17,728,792 | 1,603,507 | 6,359,613 | 230,170 | 25,922,082 |
| September 30, 2022 | 17,199,347 | 1,634,786 | 6,296,263 | 196,242 | 25,326,638 |
| June 30, 2022 | 16,591,999 | 1,567,311 | 6,172,063 | 148,018 | 24,479,391 |
| March 31, 2022 | 16,575,595 | 1,540,760 | 6,006,446 | 120,609 | 24,243,410 |
| December 31, 2021 | 16,094,639 | 1,537,834 | 5,895,227 | 86,763 | 23,614,463 |
Table 40
| On-Balance Sheet Outstanding Business Volume | ||||
|---|---|---|---|---|
| Fixed Rate | 5- to 10-Year ARMs & Resets | 1-Month to 3-Year ARMs | Total Held in Portfolio | |
| (in thousands) | ||||
| As of: | ||||
| December 31, 2023 | $14,133,794 | $3,171,672 | $6,455,359 | $23,760,825 |
| September 30, 2023 | 13,727,280 | 3,019,317 | 6,255,690 | 23,002,287 |
| June 30, 2023 | 13,721,129 | 3,003,560 | 5,493,104 | 22,217,793 |
| March 31, 2023 | 13,607,740 | 3,020,229 | 5,924,032 | 22,552,001 |
| December 31, 2022 | 13,693,810 | 3,031,288 | 5,251,427 | 21,976,525 |
| September 30, 2022 | 13,810,162 | 2,960,596 | 4,644,958 | 21,415,716 |
| June 30, 2022 | 13,798,771 | 2,939,467 | 3,993,956 | 20,732,194 |
| March 31, 2022 | 14,174,611 | 2,858,521 | 3,443,816 | 20,476,948 |
| December 31, 2021 | 13,228,675 | 2,896,014 | 3,695,269 | 19,819,958 |
The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:
Table 41
| Net Effective Spread(1) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Agricultural Finance · Rural Infrastructure Finance · Treasury | ||||||||||||||
| Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Funding | Investments | Net Effective Spread | ||||||||
| Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | |
| (dollars in thousands) | ||||||||||||||
| For the quarter ended: | ||||||||||||||
| December 31, 2023(2) | $33,329 | 0.98% | $8,382 | 2.06% | $7,342 | 0.43% | $1,540 | 1.69% | $33,361 | 0.47% | $597 | 0.04% | $84,551 | 1.19% |
| September 30, 2023 | 32,718 | 0.97% | 8,250 | 2.05% | 6,362 | 0.39% | 1,150 | 1.46% | 34,412 | 0.49% | 532 | 0.04% | 83,424 | 1.20% |
| June 30, 2023 | 34,388 | 1.03% | 7,444 | 1.92% | 5,808 | 0.38% | 1,100 | 1.47% | 32,498 | 0.48% | 594 | 0.04% | 81,832 | 1.20% |
| March 31, 2023 | 32,465 | 0.97% | 7,148 | 1.94% | 5,507 | 0.36% | 858 | 1.53% | 31,738 | 0.47% | (543) | (0.04)% | 77,173 | 1.15% |
| December 31, 2022(2) | 32,770 | 0.98% | 7,471 | 1.94% | 4,960 | 0.34% | 935 | 1.76% | 27,656 | 0.42% | (2,689) | (0.19)% | 71,103 | 1.07% |
| September 30, 2022 | 33,343 | 1.04% | 7,600 | 1.99% | 4,220 | 0.30% | 705 | 1.97% | 22,564 | 0.36% | (2,791) | (0.21)% | 65,641 | 1.03% |
| June 30, 2022 | 32,590 | 1.05% | 6,929 | 1.87% | 3,733 | 0.27% | 468 | 1.78% | 18,508 | 0.30% | (1,282) | (0.10)% | 60,946 | 0.99% |
| March 31, 2022 | 30,354 | 1.02% | 7,209 | 1.96% | 3,159 | 0.23% | 375 | 1.69% | 16,738 | 0.28% | 4 | —% | 57,839 | 0.97% |
| December 31, 2021 | 28,998 | 0.99% | 6,321 | 1.84% | 2,521 | 0.19% | 356 | 1.53% | 15,979 | 0.28% | 158 | 0.01% | 54,333 | 0.94% |
(1)Farmer Mac excludes the Corporate segment in the presentation above because the segment does not have any interest-earning assets.
(2)See Note 14 to the consolidated financial statements for a reconciliation of GAAP net interest income by segment to net effective spread by segment for the years ended December 31, 2023 and 2022.
The following table presents quarterly core earnings (a non-GAAP measure) reconciled to net income attributable to common stockholders:
Table 42
| Core Earnings by Quarter End | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| December 2023 | September 2023 | June 2023 | March 2023 | December 2022 | September 2022 | June 2022 | March 2022 | December 2021 | |
| (in thousands) | |||||||||
| Revenues: | |||||||||
| Net effective spread | $84,551 | $83,424 | $81,832 | $77,173 | $71,103 | $65,641 | $60,946 | $57,839 | $54,333 |
| Guarantee and commitment fees | 4,865 | 4,828 | 4,581 | 4,654 | 4,677 | 4,201 | 4,709 | 4,557 | 4,637 |
| Gains on sale of mortgage loans | — | — | — | — | — | — | — | — | 6,539 |
| Other | 767 | 1,056 | 409 | 1,067 | 390 | 473 | 307 | 514 | 241 |
| Total revenues | 90,183 | 89,308 | 86,822 | 82,894 | 76,170 | 70,315 | 65,962 | 62,910 | 65,750 |
| Credit related expense/(income): | |||||||||
| (Release of)/provision for losses | (575) | (181) | 1,142 | 750 | 1,945 | 450 | (1,535) | (54) | (1,428) |
| REO operating expenses | — | — | — | — | 819 | — | — | — | — |
| Total credit related expense/(income) | (575) | (181) | 1,142 | 750 | 2,764 | 450 | (1,535) | (54) | (1,428) |
| Operating expenses: | |||||||||
| Compensation and employee benefits | 15,523 | 14,103 | 13,937 | 15,351 | 12,105 | 11,648 | 11,715 | 13,298 | 11,246 |
| General and administrative | 8,916 | 9,100 | 9,420 | 7,527 | 8,055 | 6,919 | 7,520 | 7,278 | 8,492 |
| Regulatory fees | 725 | 831 | 831 | 835 | 832 | 812 | 813 | 812 | 812 |
| Total operating expenses | 25,164 | 24,034 | 24,188 | 23,713 | 20,992 | 19,379 | 20,048 | 21,388 | 20,550 |
| Net earnings | 65,594 | 65,455 | 61,492 | 58,431 | 52,414 | 50,486 | 47,449 | 41,576 | 46,628 |
| Income tax expense | 13,881 | 13,475 | 12,539 | 12,756 | 11,210 | 10,303 | 9,909 | 9,024 | 9,809 |
| Preferred stock dividends | 6,791 | 6,792 | 6,791 | 6,791 | 6,791 | 6,791 | 6,792 | 6,791 | 6,792 |
| Core earnings | $44,922 | $45,188 | $42,162 | $38,884 | $34,413 | $33,392 | $30,748 | $25,761 | $30,027 |
| Reconciling items: | |||||||||
| (Losses)/gains on undesignated financial derivatives due to fair value changes | $(836) | $2,921 | $2,141 | $916 | $1,596 | $6,441 | $2,846 | $2,612 | $(1,242) |
| (Losses)/gains on hedging activities due to fair value changes | (3,598) | 3,210 | (4,901) | (105) | (148) | (624) | 428 | 5,687 | (2,079) |
| Unrealized (losses)/gains on trading assets | (37) | 1,714 | (57) | 359 | 31 | (757) | (285) | 94 | (76) |
| Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 88 | 29 | 29 | 29 | 57 | 24 | (62) | 20 | 71 |
| Net effects of terminations or net settlements on financial derivatives | (800) | (79) | 583 | 523 | 1,268 | (3,522) | 2,536 | 15,512 | (429) |
| Income tax effect related to reconciling items | 1,089 | (1,638) | 464 | (362) | (590) | (327) | (1,148) | (5,024) | 789 |
| Net income attributable to common stockholders | $40,828 | $51,345 | $40,421 | $40,244 | $36,627 | $34,627 | $35,063 | $44,662 | $27,061 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.