Financial Performance - Farmer Mac reported an outstanding business volume of 29.5billionforthefiscalyearendedDecember31,2024[1][2].−Netinterestincomeincreasedby8353.9 million[6]. - Diluted EPS (GAAP) rose by 24% to 4.63comparedto3.73 in the previous year[5]. - Core earnings per share (Non-GAAP) remained stable at 15.64,withaslightdecreaseof3180.4 million, up from 172.8millioninthesameperiodlastyear[6].−NetincomeattributabletocommonstockholdersfortheyearendedDecember31,2024,was180,428 thousand, a 4.5% increase from 172,838thousandin2023[26].−TotalrevenuesfortheyearendedDecember31,2024,reached361,990,000, up from 349,207,000in2023,indicatingayear−over−yearincreaseof3.9171,630,000, slightly up from 171,156,000in2023,reflectingamarginalincreaseof0.316.59, compared to 15.97in2023,reflectingagrowthof3.916.44, compared to 15.81in2023,reflectinganincreaseof4.01.5 billion, with a Tier 1 Capital Ratio of 14.2% as of December 31, 2024[6]. - Farmer Mac maintained 264 days of liquidity as of December 31, 2024[6]. - Total assets increased to 31,324,742thousandasofDecember31,2024,upfrom29,524,382 thousand in 2023, representing a growth of 6.1%[25]. - Total liabilities increased to 29,835,716thousandasofDecember31,2024,from28,112,519 thousand in 2023, a rise of 6.1%[25]. - Total equity as of December 31, 2024, was 1,489,026thousand,upfrom1,411,863 thousand in 2023, representing an increase of 5.5%[25]. Expenses and Provisions - Total operating expenses for the year ended December 31, 2024, amounted to 105,386,000,upfrom97,099,000 in 2023, representing an increase of 8.4%[30]. - Provision for losses for the year ended December 31, 2024, was 11,490,000,significantlyhigherthan1,136,000 in 2023, indicating a substantial increase in credit-related expenses[30]. - The company reported a total credit-related expense of 11,686,000fortheyearendedDecember31,2024,comparedto1,136,000 in 2023, highlighting a significant rise in credit-related costs[30]. Dividends - The Board of Directors declared a quarterly dividend of 1.50pershare,representinga720,494,673,000, slightly down from 20,502,780,000in2023[35].−Loansheldforinvestmentincreasedto11,183,408 thousand in 2024, compared to 9,623,119thousandin2023,markingagrowthof16.22,886,576,000 from 2,616,359,000year−over−year,reflectingagrowthofapproximately10.31,265,700,000, up from 440,286,000,indicatingasignificantincrease[35].−TotalInfrastructureFinancevolumereached9,028,357,000, compared to 7,968,244,000inthepreviousyear,markinganincreaseofapproximately13.3225,734,000 from 145,377,000,showingagrowthofabout55.356,210,000, with segment core earnings from Agricultural Finance at 23,977,000andInfrastructureFinanceat32,233,000[34]. - Interest income for the period was 395,765,000,whileinterestexpensetotaled302,397,000, resulting in a net effective spread of 87,528,000[34].−CoreearningsforDecember2024werereportedat43,554, compared to 44,907inSeptember2024,indicatingaslightdecline[39].−TotalrevenuesforDecember2024amountedto92,123, up from 91,526inSeptember2024[39].−TheprovisionforlossesinDecember2024was3,872, an increase from 3,258inSeptember2024[39].−OperatingexpensesforDecember2024totaled29,093, compared to 24,587inSeptember2024,reflectingariseincosts[39].−NetearningsforDecember2024were59,158, down from 63,485inSeptember2024[39].−GuaranteeandcommitmentfeesforDecember2024were5,086, slightly higher than 4,997inSeptember2024[39].−Thetotalcredit−relatedexpenseforDecember2024was3,872, compared to 3,454inSeptember2024[39].−Preferredstockdividendsremainedconsistentat5,666 for December 2024, unchanged from September 2024[39].
Federal Agricultural Mortgage (AGM)2025-02-21 12:03