Group 1 - Farmer Mac's board of directors declared a third quarter dividend of $1.40 per share for each class of common stock [1] - The dividend will be payable on September 30, 2024, to holders of record as of September 16, 2024 [1] - A dividend was also declared for four classes of preferred stock, with varying amounts per share [2] Group 2 - The preferred stock dividends are for the period from July 17, 2024, to October 17, 2024 [2] - These preferred stock dividends will be payable on October 17, 2024, to holders of record as of October 1, 2024 [2] - Farmer Mac aims to increase financing accessibility for American agriculture and rural infrastructure [3] Group 3 - Farmer Mac serves as a secondary market provider for agricultural and rural infrastructure credit [3] - The company provides financial solutions to agricultural lenders, agribusinesses, and rural electric cooperatives [3] - Farmer Mac is positioned to facilitate competitive access to financing that supports growth in rural and agricultural communities [3]

Financial Performance - Net income attributable to common stockholders for Q2 2024 was $40.313 million, a sequential decrease of $6.6 million due to a $6.4 million increase in provision for credit losses[153]. - Core earnings for Q2 2024 were $39.777 million, down $3.6 million sequentially, primarily due to a $6.4 million increase in provision for credit losses[155]. - Core earnings for the three months ended June 30, 2024, were $39,777 thousand, a decrease from $42,162 thousand in the same period of 2023[179]. - The company reported a net income attributable to common stockholders of $40,313 thousand for the three months ended June 30, 2024, compared to $40,421 thousand in the same period of 2023[179]. - For the three months ended June 30, 2024, GAAP Basic EPS was $3.71, a slight decrease from $3.73 in the same period of 2023, while Core Earnings - Basic EPS was $3.66, down from $3.89[182]. - For the six months ended June 30, 2024, GAAP Diluted EPS increased to $7.96 from $7.39 in 2023, while Core Earnings - Diluted EPS rose to $7.59 from $7.42[183]. - Core earnings per share for the three months ended June 30, 2024, were $3.66 (basic) and $3.63 (diluted), down from $3.89 and $3.86, respectively, in the same period of 2023[179]. Revenue and Income Sources - Net interest income for Q2 2024 was $87.340 million, reflecting a $1.0 million sequential increase driven by a shift towards higher-yielding loans[158]. - The net effective spread for Q2 2024 was 1.14%, consistent with the previous quarter[158]. - Total revenues for the six months ended June 30, 2024, increased to $178,341 thousand from $169,716 thousand in the same period of 2023[181]. - The provision for losses for the six months ended June 30, 2024, was $4,360 thousand, compared to $1,892 thousand in the same period of 2023[181]. - Guarantee and commitment fee income for the six months ended June 30, 2024, was $7.7 million, a 4% increase from $7.4 million in the same period of 2023[200]. Asset and Liability Management - Core capital increased to $1.510 billion as of June 30, 2024, up from $1.452 billion at the end of 2023[164]. - As of June 30, 2024, Farmer Mac's total assets increased to $30.19 billion, up by $669.93 million (2%) from December 31, 2023[265]. - The total liabilities rose to $28.69 billion, reflecting an increase of $580.82 million (2%) primarily due to higher notes payable[266]. - Farmer Mac's total equity reached $1.50 billion, an increase of $89.12 million (6%) driven by higher retained earnings and accumulated other comprehensive income[266]. Credit Quality and Delinquencies - The 90-day delinquency rate for Agricultural Finance mortgage loans was 0.54% as of June 30, 2024, down from 0.69% as of March 31, 2024[269]. - The total 90-day delinquencies amounted to $62.06 million, with 34 delinquent loans reported as of June 30, 2024[272]. - Substandard assets in the Agricultural Finance mortgage loan portfolio were $248.0 million (2.2% of the portfolio) as of June 30, 2024, compared to $255.2 million (2.3%) as of March 31, 2024[277]. - Agricultural Finance substandard assets decreased by $7.2 million in Q2 2024, driven by credit upgrades in permanent plantings and crops[278]. - The top ten borrower exposures over 90 days delinquent represented over half of the total 90-day delinquencies as of June 30, 2024[269]. Business Volume and Growth - Outstanding business volume as of June 30, 2024, was $28.8 billion, a net decrease of $88.9 million from the previous quarter[162]. - Farmer Mac's outstanding business volume increased by 7.6% in Q2 2024 compared to Q2 2023, reflecting the diversification of its business model and the resilience of the agriculture and rural infrastructure sectors[238]. - The company has consistently increased its total outstanding business volume from $26,484,118 thousand as of March 31, 2023, to $28,758,339 thousand as of June 30, 2024, representing a growth of approximately 8.59% over the period[342]. - The total outstanding business volume for the company has shown a steady upward trend over the past year, with a notable increase from $24,479,391 thousand as of June 30, 2022, to the current figure, indicating a year-over-year growth of approximately 17.67%[342]. Operating Expenses - Total operating expenses for the three months ended June 30, 2024, increased by 1% to $24.5 million compared to $24.2 million in 2023, while for the six months, expenses rose by 8% to $51.7 million[208]. - Compensation and employee benefits expenses increased by 6% to $14.8 million for Q2 2024, and by 13% to $33.1 million for the six months, primarily due to higher headcount and stock compensation[210]. Market and Economic Conditions - The USDA projects net cash farm income to drop by 21% in 2023 and another 24% in 2024, primarily due to lower commodity prices and higher farm expenses[248]. - U.S. agricultural exports are projected to decline to $170.5 billion in 2024, a 5% decrease from 2023 and a 13% drop from peak levels in 2022[254]. - The U.S. experienced 28 separate billion-dollar weather disasters in 2023, impacting agricultural production significantly[255]. Regulatory and Compliance - Farmer Mac's compliance with statutory capital requirements is classified as "level 1," the highest compliance level[336]. - The FCA's proposed regulatory agenda includes a review of Farmer Mac's regulatory capital framework, with potential rulemaking expected in May 2025[263].

Farmer Mac Reports Second Quarter 2024 Results - Outstanding Business Volume of $28.8 Billion - WASHINGTON, D.C., August 5, 2024 — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing for American agriculture and rural infrastructure, today announced its results for the fiscal quarter ended June 30, 2024. More complete information about Farmer Mac's performance for second quarter 2024 is in Farme ...

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WASHINGTON, June 21, 2024 /PRNewswire/ -- Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing for American agriculture and rural infrastructure, today announced that it has been recognized by The Washington Post with a 2024 Top Workplaces award for the greater Washington area. This respected employer recognition program celebrates organizations that have built exceptional workplace cultures. Top Wor ...

Benoit BACOU/Photononstop via Getty Images I have been recommending Federal Agricultural Mortgage Corporation (NYSE:AGM) (Farmer Mac) stock on Seeking Alpha since 2019. Since my first report, the stock is up 117%. Earnings are up 90%. And results have been outstanding for all three of the key risks for a financial company: Credit risk Interest rate risk Capital, or leverage risk I'm going to quickly review those risks, but then also point out that Farmer Mac has some game in areas that modern investors va ...

WASHINGTON, May 15, 2024 /PRNewswire/ -- The board of directors of the Federal Agricultural Mortgage Corporation (Farmer Mac) has declared a second quarter dividend of $1.40 per share for each of Farmer Mac's three classes of common stock – Class A Voting Common Stock (NYSE: AGM.A), Class B Voting Common Stock (not listed on any exchange), and Class C Non-Voting Common Stock (NYSE: AGM). The quarterly dividend will be payable on June 28, 2024, to holders of record of common stock as of June 14, 2024.   Farm ...

Federal Agricultural Mortgage Corporation (NYSE:AGM) Q1 2024 Earnings Conference Call May 6, 2024 8:30 AM ET Company Participants Jalpa Nazareth - Senior Director, Investor Relations and Finance Strategy Bradford Nordholm - President and Chief Executive Officer Aparna Ramesh - Executive Vice President, Chief Financial Officer and Treasurer Zachary Carpenter - Executive Vice President, Chief Business Officer Conference Call Participants Bose George - KBW William Ryan - Seaport Research Partners Brendan McCar ...

Federal Agricultural Mortgage (AGM) came out with quarterly earnings of $3.96 per share, beating the Zacks Consensus Estimate of $3.94 per share. This compares to earnings of $3.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.51%. A quarter ago, it was expected that this rural real estate lender would post earnings of $3.70 per share when it actually produced earnings of $4.10, delivering a surprise of 10.81%.Over the las ...

As filed with the Securities and Exchange Commission on May 6, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____. Commission File Number 001-14951 FEDERAL AGRICULTURAL MORTGAGE CORPORATION (Exact nam ...