Federal Agricultural Mortgage (AGM) - 2024 Q3 - Quarterly Results

Financial Performance - Net income attributable to common stockholders was $42.3 million[3] - Core earnings were$44.9 million, translating to $4.10 per diluted common share[3] - Net income attributable to common stockholders decreased to$42,312 from $51,345, reflecting a decline of 17.5$3.89 from $4.74, a decline of 17.9$129,580,000, down from $132,010,000 year-over-year[27] - Total revenues for the three months ended September 30, 2024, were$91,526,000, up from $89,238,000 in the previous quarter and slightly up from$89,308,000 year-over-year[23] - Total revenues for the nine months ended September 30, 2024, were $269,867,000, compared to$259,024,000 in the previous year[27] Assets and Liabilities - Total assets increased to $30,615,221, up from$29,524,382, representing a growth of 3.7%[20] - Total liabilities rose to $29,152,877, an increase of 3.7$28,112,519[20] - Total investment securities increased to $5,895,793, up from$4,979,504, a growth of 18.4%[20] - Retained earnings increased to $907,639 from$823,716, reflecting a growth of 10.2%[20] Income and Expenses - Net interest income was $86.8 million, a slight decrease of 1$87.6 million in Q3 2023[3] - Total interest income for the three months ended September 30, 2024, was $407,728, an increase of 6.5$381,811 for the same period in 2023[21] - Total interest expense for the three months ended September 30, 2024, was $320,937, an increase of 9.1$294,168 in the prior year[21] - Operating expenses for the three months ended September 30, 2024, totaled $24,587,000, slightly up from$24,469,000 in the previous quarter[23] - Total credit-related expenses for the three months ended September 30, 2024, were $3,454,000, down from$6,230,000 in the previous quarter[23] Capital and Liquidity - Total core capital stood at $1.5 billion, exceeding statutory requirements by 66$28.5 billion as of September 30, 2024[1] - The company continues to focus on diversifying revenue streams and managing its balance sheet proactively[2] - The total outstanding business volume across all segments is $28,468,303 thousand as of September 30, 2024, a marginal decrease from$28,471,024 thousand as of December 31, 2023[35] Loan Performance - Loans held for investment increased to $10,668,844, up 10.8$9,623,119[20] - Loans in the Rural Infrastructure Finance segment increased to $8,535,149 thousand as of September 30, 2024, up from$7,968,244 thousand as of December 31, 2023, indicating a growth of approximately 7.1%[35] - The total outstanding loans for Corporate AgFinance reached $1,842,780 thousand as of September 30, 2024, an increase from$1,693,979 thousand as of December 31, 2023, reflecting a growth of about 8.8%[35] - The total outstanding loans for Renewable Energy increased significantly to $1,095,008 thousand as of September 30, 2024, compared to$487,521 thousand as of December 31, 2023, marking a substantial growth of approximately 125%[35] - The total outstanding loans for Rural Utilities reached $7,440,141 thousand as of September 30, 2024, slightly down from$7,480,723 thousand as of December 31, 2023, indicating a decrease of approximately 0.5%[35] Effective Spread - Net effective spread improved by 2% year-over-year to $85.4 million[3] - The net effective spread for the three months ended September 30, 2024, was$85,396,000, compared to $83,596,000 in the previous quarter and$83,424,000 year-over-year[23] - The net effective spread for Agricultural Finance (Farm & Ranch) for the quarter ended September 30, 2024, is $35,755 thousand, with a yield of 1.05$34,156 thousand and 0.98% in the previous quarter[36] - The net effective spread for Renewable Energy for the quarter ended September 30, 2024, is $3,810 thousand with a yield of 1.78%[36]