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$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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in thousands, except per share amounts) | |||
| Interest income: | |||
| Investments and cash equivalents | $345,501 | $287,144 | $82,659 |
| Farmer Mac Guaranteed Securities and USDA Securities | 628,828 | 590,250 | 283,769 |
| Loans | 629,187 | 514,894 | 350,420 |
| Total interest income | 1,603,516 | 1,392,288 | 716,848 |
| Total interest expense | 1,249,649 | 1,064,741 | 445,908 |
| Net interest income | 353,867 | 327,547 | 270,940 |
| Provision for losses | (11,579) | (858) | (1,323) |
| Net interest income after provision for losses | 342,288 | 326,689 | 269,617 |
| Non-interest income/(expense): | |||
| Guarantee and commitment fees | 15,738 | 16,712 | 13,040 |
| Gains on financial derivatives | 2,636 | 2,882 | 22,631 |
| Losses on sale of mortgage loans | (1,147) | — | — |
| Gains on sale of available-for-sale investment securities | 1,052 | — | — |
| Release of/(provision for) reserve for losses | 89 | (278) | 517 |
| Other income | 3,029 | 4,195 | 2,500 |
| Non-interest income | 21,397 | 23,511 | 38,688 |
| Operating expenses: | |||
| Compensation and employee benefits | 63,975 | 58,914 | 48,766 |
| General and administrative | 38,236 | 34,963 | 29,772 |
| Regulatory fees | 3,175 | 3,222 | 3,269 |
| Real estate owned operating costs, net | 196 | — | 819 |
| Operating expenses | 105,582 | 97,099 | 82,626 |
| Income before income taxes | 258,103 | 253,101 | 225,679 |
| Income tax expense | 50,910 | 53,098 | 47,535 |
| Net income | 207,193 | 200,003 | 178,144 |
| Preferred stock dividends | (25,146) | (27,165) | (27,165) |
| Loss on retirement of preferred stock | (1,619) | — | — |
| Net income attributable to common stockholders | $180,428 | $172,838 | $150,979 |
| Earnings per common share: | |||
| Basic earnings per common share | $16.59 | $15.97 | $14.00 |
| Diluted earnings per common share | $16.44 | $15.81 | $13.87 |
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