FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 4, 2024
AGM$180.20-9.0%Stored close · as of Nov 6, 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 32
| New Business Volume | |||||
|---|---|---|---|---|---|
| Agricultural Finance · Rural Infrastructure Finance | |||||
| Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Total | |
| (in thousands) | |||||
| For the quarter ended: | |||||
| September 30, 2024 | $776,023 | $307,325 | $579,887 | $325,743 | $1,988,978 |
| June 30, 2024 | 698,787 | 288,740 | 235,033 | 271,890 | 1,494,450 |
| March 31, 2024 | 665,916 | 290,525 | 115,795 | 347,898 | 1,420,134 |
| 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 | 469,013 | 203,211 | 683,232 | 89,747 | 1,445,203 |
| December 31, 2022 | 1,114,255 | 165,395 | 140,222 | 43,737 | 1,463,609 |
| September 30, 2022 | 1,629,496 | 169,932 | 547,117 | 61,653 | 2,408,198 |
| For the year ended: | |||||
| December 31, 2023 | $4,709,500 | $885,551 | $2,020,014 | $404,734 | $8,019,799 |
| December 31, 2022 | 6,614,687 | 546,596 | 1,392,203 | 182,333 | 8,735,819 |
Table 33
| Repayments of Assets | |||||
|---|---|---|---|---|---|
| Agricultural Finance · Rural Infrastructure Finance | |||||
| Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Total | |
| (in thousands) | |||||
| For the quarter ended: | |||||
| Scheduled | $1,079,136 | $239,596 | $674,590 | $106,207 | $2,099,529 |
| Unscheduled | 117,538 | 41,842 | 26,629 | — | 186,009 |
| September 30, 2024 | $1,196,674 | $281,438 | $701,219 | $106,207 | $2,285,538 |
| Scheduled | $752,473 | $141,565 | $78,299 | $138,725 | $1,111,062 |
| Unscheduled | 342,594 | 89,576 | 32,984 | — | 465,154 |
| June 30, 2024 | $1,095,067 | $231,141 | $111,283 | $138,725 | $1,576,216 |
| Scheduled | $402,088 | $118,885 | $126,314 | $93,112 | $740,399 |
| Unscheduled | 150,903 | 99,325 | 32,481 | — | 282,709 |
| March 31, 2024 | $552,991 | $218,210 | $158,795 | $93,112 | $1,023,108 |
| 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 |
| 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 34
| Outstanding Business Volume | |||||
|---|---|---|---|---|---|
| Agricultural Finance · Rural Infrastructure Finance | |||||
| Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Total | |
| (in thousands) | |||||
| As of: | |||||
| September 30, 2024 | $18,090,374 | $1,842,780 | $7,440,141 | $1,095,008 | $28,468,303 |
| June 30, 2024 | 18,504,501 | 1,816,893 | 7,561,473 | 875,472 | 28,758,339 |
| March 31, 2024 | 18,900,906 | 1,766,294 | 7,437,723 | 742,307 | 28,847,230 |
| 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 |
Table 35
| 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: | ||||
| September 30, 2024 | $14,328,691 | $3,311,001 | $6,265,792 | $23,905,484 |
| June 30, 2024 | 14,064,831 | 3,273,764 | 6,850,137 | 24,188,732 |
| March 31, 2024 | 14,166,500 | 3,194,246 | 6,849,237 | 24,209,983 |
| 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 |
The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:
Table 36
| 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: | ||||||||||||||
| September 30, 2024(2) | $35,755 | 1.05% | $6,397 | 1.56% | $7,579 | 0.44% | $3,810 | 1.78% | $30,912 | 0.42% | $943 | 0.05% | $85,396 | 1.16% |
| June 30, 2024 | 34,156 | 0.98% | 7,866 | 1.91% | 7,646 | 0.44% | 2,999 | 1.86% | 30,268 | 0.41% | 661 | 0.04% | 83,596 | 1.14% |
| March 31, 2024 | 32,843 | 0.95% | 7,971 | 2.05% | 7,232 | 0.42% | 2,049 | 1.75% | 32,474 | 0.45% | 475 | 0.03% | 83,044 | 1.14% |
| December 31, 2023 | 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(2) | 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 | 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% |
(1)Farmer Mac excludes the Corporate segment in the presentation above because the segment does not have any interest-earning assets.
(2)See Note 10 to the consolidated financial statements for a reconciliation of GAAP net interest income by segment to net effective spread by segment for the three months ended September 30, 2024 and 2023.
The following table presents quarterly core earnings (a non-GAAP measure) reconciled to net income attributable to common stockholders:
Table 37
| Core Earnings by Quarter End | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| September 2024 | June 2024 | March 2024 | December 2023 | September 2023 | June 2023 | March 2023 | December 2022 | September 2022 | |
| (in thousands) | |||||||||
| Revenues: | |||||||||
| Net effective spread | $85,396 | $83,596 | $83,044 | $84,551 | $83,424 | $81,832 | $77,173 | $71,103 | $65,641 |
| Guarantee and commitment fees | 4,997 | 5,256 | 4,982 | 4,865 | 4,828 | 4,581 | 4,654 | 4,677 | 4,201 |
| Gain on sale of investment securities | — | 1,052 | — | — | — | — | — | — | — |
| Loss on sale of mortgage loan | — | (1,147) | — | — | — | — | — | — | — |
| Other | 1,133 | 481 | 1,077 | 767 | 1,056 | 409 | 1,067 | 390 | 473 |
| Total revenues | 91,526 | 89,238 | 89,103 | 90,183 | 89,308 | 86,822 | 82,894 | 76,170 | 70,315 |
| Credit related expense/(income): | |||||||||
| Provision for/(release of) losses | 3,258 | 6,230 | (1,870) | (575) | (181) | 1,142 | 750 | 1,945 | 450 |
| REO operating expenses | 196 | — | — | — | — | — | — | 819 | — |
| Total credit related expense/(income) | 3,454 | 6,230 | (1,870) | (575) | (181) | 1,142 | 750 | 2,764 | 450 |
| Operating expenses: | |||||||||
| Compensation and employee benefits | 15,237 | 14,840 | 18,257 | 15,523 | 14,103 | 13,937 | 15,351 | 12,105 | 11,648 |
| General and administrative | 8,625 | 8,904 | 8,255 | 8,916 | 9,100 | 9,420 | 7,527 | 8,055 | 6,919 |
| Regulatory fees | 725 | 725 | 725 | 725 | 831 | 831 | 835 | 832 | 812 |
| Total operating expenses | 24,587 | 24,469 | 27,237 | 25,164 | 24,034 | 24,188 | 23,713 | 20,992 | 19,379 |
| Net earnings | 63,485 | 58,539 | 63,736 | 65,594 | 65,455 | 61,492 | 58,431 | 52,414 | 50,486 |
| Income tax expense | 12,681 | 11,970 | 13,553 | 13,881 | 13,475 | 12,539 | 12,756 | 11,210 | 10,303 |
| Preferred stock dividends | 5,897 | 6,792 | 6,791 | 6,791 | 6,792 | 6,791 | 6,791 | 6,791 | 6,791 |
| Core earnings | $44,907 | $39,777 | $43,392 | $44,922 | $45,188 | $42,162 | $38,884 | $34,413 | $33,392 |
| Reconciling items: | |||||||||
| (Losses)/gains on undesignated financial derivatives due to fair value changes | $(1,064) | $(359) | $1,683 | $(836) | $2,921 | $2,141 | $916 | $1,596 | $6,441 |
| Gains/(losses) on hedging activities due to fair value changes | 205 | 2,604 | 3,002 | (3,598) | 3,210 | (4,901) | (105) | (148) | (624) |
| Unrealized gains/(losses) on trading assets | 99 | (87) | (14) | (37) | 1,714 | (57) | 359 | 31 | (757) |
| Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 27 | 26 | 31 | 88 | 29 | 29 | 29 | 57 | 24 |
| Net effects of terminations or net settlements on financial derivatives | (503) | (1,505) | (192) | (800) | (79) | 583 | 523 | 1,268 | (3,522) |
| Issuance costs on the retirement of preferred stock | (1,619) | — | — | — | — | — | — | — | — |
| Income tax effect related to reconciling items | 260 | (143) | (947) | 1,089 | (1,638) | 464 | (362) | (590) | (327) |
| Net income attributable to common stockholders | $42,312 | $40,313 | $46,955 | $40,828 | $51,345 | $40,421 | $40,244 | $36,627 | $34,627 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.