Farmer Mac Reports Second Quarter 2024 Results
Farmer Mac (NYSE: AGM) reported strong Q2 2024 results, showcasing resilience in an uncertain economic environment. Net interest income grew 11% year-over-year to $87.3 million, while net effective spread increased 2% to $83.6 million. The company maintained a robust capital position with total core capital of $1.5 billion, exceeding statutory requirements by 71%. Farmer Mac provided $1.5 billion in liquidity and lending capacity to rural America lenders. Despite these positive metrics, net income attributable to common stockholders slightly declined by $0.1 million to $40.3 million. Core earnings were $39.8 million, or $3.63 per diluted common share. The company's strong performance was attributed to its diversified revenue streams and disciplined asset liability management.
Farmer Mac (NYSE: AGM) ha riportato risultati solidi per il secondo trimestre del 2024, evidenziando la resilienza in un ambiente economico incerto. Il reddito netto da interessi è cresciuto dell'11% rispetto all'anno precedente, raggiungendo $87,3 milioni, mentre lo spread netto effettivo è aumentato del 2% fino a $83,6 milioni. L'azienda ha mantenuto una posizione di capitale robusta con un capitale core totale di $1,5 miliardi, superando i requisiti di legge del 71%. Farmer Mac ha fornito $1,5 miliardi di liquidità e capacità di prestito ai finanziatori dell'America rurale. Nonostante queste metriche positive, il reddito netto attribuibile agli azionisti comuni è leggermente diminuito di $0,1 milioni a $40,3 milioni. Gli utili core sono stati di $39,8 milioni, ovvero $3,63 per azione comune diluita. La forte performance dell'azienda è stata attribuita alla sua diversificazione delle fonti di reddito e alla gestione disciplinata delle passività.
Farmer Mac (NYSE: AGM) informó resultados sólidos para el segundo trimestre de 2024, mostrando resiliencia en un entorno económico incierto. Los ingresos netos por intereses crecieron un 11% interanual hasta $87.3 millones, mientras que el diferencial efectivo neto aumentó un 2% a $83.6 millones. La compañía mantuvo una posición de capital robusta con un capital core total de $1.5 mil millones, superando los requisitos legales en un 71%. Farmer Mac proporcionó $1.5 mil millones en liquidez y capacidad de préstamos a los prestamistas de América rural. A pesar de estas métricas positivas, el ingreso neto atribuible a los accionistas comunes disminuyó ligeramente en $0.1 millones a $40.3 millones. Las ganancias básicas fueron de $39.8 millones, o $3.63 por acción común diluida. El fuerte desempeño de la compañía se atribuyó a sus fuentes de ingresos diversificadas y a la gestión disciplinada de activos y pasivos.
농부 맥(Farmer Mac, NYSE: AGM)은 불확실한 경제 환경 속에서도 탄탄한 2024년 2분기 실적을 보고했습니다. 순이자 수익은 전년 대비 11% 증가하여 8730만 달러에 달했습니다. 순실효스프레드 역시 2% 증가하여 8360만 달러에 이르렀습니다. 회사는 총 기본 자본이 15억 달러로 법정 요건을 71% 초과하는 강력한 자본 위치를 유지했습니다. 농부 맥은 농촌 미국 대출자들에게 15억 달러의 유동성과 대출 능력을 제공했습니다. 이러한 긍정적인 지표에도 불구하고, 보통주 주주에게 귀속되는 순이익은 10만 달러 감소하여 4030만 달러에 이르렀습니다. 기본 수익은 3980만 달러로, 희석된 보통주 당 3.63달러입니다. 회사의 강력한 성과는 다양한 수익원과 규범적인 자산부채 관리에 기인했습니다.
Farmer Mac (NYSE: AGM) a annoncé des résultats solides pour le deuxième trimestre de 2024, montrant une résilience dans un environnement économique incertain. Les revenus nets d'intérêts ont augmenté de 11 % par rapport à l'année précédente pour atteindre 87,3 millions de dollars, tandis que l'écart net effectif a augmenté de 2 % à 83,6 millions de dollars. L'entreprise a maintenu une position de capital robuste avec un capital principal total de 1,5 milliard de dollars, dépassant les exigences légales de 71 % . Farmer Mac a fourni 1,5 milliard de dollars de liquidités et de capacité de prêt aux prêteurs de l'Amérique rurale. Malgré ces indicateurs positifs, le bénéfice net attribuable aux actionnaires communs a légèrement diminué de 0,1 million de dollars pour s'établir à 40,3 millions de dollars. Les bénéfices principaux se sont établis à 39,8 millions de dollars, soit 3,63 dollars par action ordinaire diluée. La forte performance de l'entreprise a été attribuée à ses sources de revenus diversifiées et à sa gestion disciplinée des actifs et des passifs.
Farmer Mac (NYSE: AGM) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, die Resilienz in einem unsicheren wirtschaftlichen Umfeld zeigen. Die netto Zinseinnahmen stiegen im Jahresvergleich um 11% auf 87,3 Millionen Dollar, während der netto effektive Spread um 2% auf 83,6 Millionen Dollar zunahm. Das Unternehmen wies eine robuste Kapitalposition auf mit einem Gesamtkernkapital von 1,5 Milliarden Dollar, das die gesetzlichen Anforderungen um 71% übersteigt. Farmer Mac stellte 1,5 Milliarden Dollar an Liquidität und Kreditvergabe-Kapazität für Gläubiger in ländlichem Amerika zur Verfügung. Trotz dieser positiven Kennzahlen ging das Nettogewinn, das den Stammaktionären zuzurechnen ist, leicht um 0,1 Millionen Dollar auf 40,3 Millionen Dollar zurück. Die Kerngewinne betrugen 39,8 Millionen Dollar, was 3,63 Dollar pro verwässerter Stammaktie entspricht. Die starke Leistung des Unternehmens wurde seiner diversifizierten Einnahmequellen und disziplinierten Vermögens- und Schuldenverwaltung zugeschrieben.
- Net interest income grew 11% year-over-year to $87.3 million
- Net effective spread increased 2% from the prior-year period to $83.6 million
- Maintained strong capital position with total core capital of $1.5 billion, exceeding statutory requirement by 71%
- Provided $1.5 billion in liquidity and lending capacity to lenders serving rural America
- Closed fourth structured securitization transaction involving approximately $300 million of agricultural mortgage loans
- Net income attributable to common stockholders declined $0.1 million year-over-year to $40.3 million
- Core earnings per share decreased 6% year-over-year to $3.63
- Net change in business volume was negative $88,891 thousand for Q2 2024
Insights
Farmer Mac's Q2 2024 results show resilience in a challenging economic environment. Net interest income grew 11% year-over-year to
The company maintains a strong capital position with total core capital of
While the results are generally positive, investors should note the 8% sequential decline in core EPS to
Farmer Mac's Q2 performance underscores its important role in supporting rural America's financial needs. The company provided $1.5 billion in liquidity and lending capacity to rural lenders, demonstrating its commitment to its mission. This is particularly significant given the current uncertain economic and credit environment.
The net change in business volume of -$88,891,000 this quarter, compared to positive growth in previous quarters, warrants attention. It may indicate a temporary slowdown in agricultural lending or refinancing activities. However, the 283 days of liquidity maintained by Farmer Mac ensures its ability to meet ongoing obligations and potential market disruptions.
The fourth structured securitization transaction involving
Farmer Mac's Q2 results reveal a company navigating a complex economic landscape with relative success. The 11% year-over-year growth in net interest income and 2% increase in net effective spread indicate the company's ability to maintain profitability despite challenging conditions. However, the slight decline in net income and 6% year-over-year decrease in core EPS suggest some pressure on earnings.
The company's operating efficiency ratio outperforming long-term strategic targets is a positive sign, indicating effective cost management. The double-digit return on equity mentioned by CEO Brad Nordholm is encouraging for investors, although specific figures weren't provided.
Looking ahead, Farmer Mac's strong capital position and liquidity provide a buffer against potential market volatility. However, investors should monitor the negative net change in business volume this quarter, as it could impact future growth if it becomes a trend. The company's ability to continue its structured securitization transactions will be important for maintaining financial flexibility in uncertain times.
- Outstanding Business Volume of
"We are pleased to deliver another strong earnings quarter, driven by our successful efforts over the last few years to grow and diversify our revenue streams, while maintaining disciplined asset liability management and a strong capital base," said President and Chief Executive Officer, Brad Nordholm. "Our second quarter results highlight continued growth in net effective spread, an operating efficiency ratio better than our long-term strategic target, and a double digit return on equity. While we continue to operate against an uncertain economic, credit and interest rate backdrop, we believe our resilient business model positions us well to not only make progress on our strategic growth objectives but also to continue to fulfill our mission to serve America's rural and agricultural communities and create more opportunities to enhance shareholder value in changing credit markets."
Second Quarter 2024 Highlights
- Provided
$1.5 billion - Net interest income grew
11% year-over-year to$87.3 million - Net effective spread1 increased
2% from the prior-year period to$83.6 million - Net income attributable to common stockholders declined
$0.1 million $40.3 million - Core earnings1 was
$39.8 million $3.63 - Maintained strong capital position with total core capital of
$1.5 billion 71% and a Tier 1 Capital Ratio of15.3% as of June 30, 2024 - As of June 30, 2024, Farmer Mac had 283 days of liquidity
- Closed the fourth structured securitization transaction involving approximately
$300 million
$ in thousands, except per | Quarter Ended | ||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | Sequential % | YOY % Change | |
Net Change in Business Volume | N/A | N/A | |||
Net Interest Income (GAAP) | 1 % | 11 % | |||
Net Effective Spread (Non-GAAP) | 1 % | 2 % | |||
Diluted EPS (GAAP) | (14) % | (1) % | |||
Core EPS (Non-GAAP) | (8) % | (6) % | |||
1 Non-GAAP Measure |
Earnings Conference Call Information
The conference call to discuss Farmer Mac's second quarter 2024 financial results will be held beginning at 4:30 p.m. eastern time on Monday, August 5, 2024, and can be accessed by telephone or live webcast as follows:
Telephone (Domestic): (800) 836-8184
Telephone (International): (646) 357-8785
Webcast: https://www.farmermac.com/investors/events-presentations/
When dialing in to the call, please ask for the "Farmer Mac Earnings Conference Call." The call can be heard live and will also be available for replay on Farmer Mac's website for two weeks following the conclusion of the call.
More complete information about Farmer Mac's performance for second quarter 2024 is in Farmer Mac's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed today with the SEC.
Use of Non-GAAP Measures
In the accompanying analysis of its financial information, Farmer Mac uses "non-GAAP measures," which are measures of financial performance that are not presented in accordance with GAAP. Specifically, Farmer Mac uses the following non-GAAP measures: "core earnings," "core earnings per share," and "net effective spread." Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.
Core Earnings and Core Earnings Per Share
The main difference between core earnings and core earnings per share (non-GAAP measures) and net income attributable to common stockholders and earnings per common share (GAAP measures) is that those non-GAAP measures exclude the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Another difference is that these two non-GAAP measures exclude specified infrequent or unusual transactions that we believe are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. For example, in prior periods, we excluded any losses on retirement of preferred stock from core earnings and core earnings per share. Farmer Mac redeemed all outstanding shares of its Series C Preferred Stock on July 18, 2024 and plans to exclude any losses on retirement of preferred stock from core earnings and core earnings per share in the presentation of its financial results for third quarter 2024. For a reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, see "Management's Discussion and Analysis of Financial Condition and Results of Operations —Results of Operations" in Farmer Mac's Annual Report on Form 10-Q for the quarter ended June 30, 2024, filed August 5, 2024 with the SEC.
Net Effective Spread
Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. As further explained below, net effective spread differs from net interest income and net interest yield by excluding certain items from net interest income and net interest yield and including certain other items that net interest income and net interest yield do not contain.
Farmer Mac excludes from net effective spread the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts to reflect management's view that the net interest income Farmer Mac earns on the related Farmer Mac Guaranteed Securities owned by third parties is effectively a guarantee fee. Accordingly, the excluded interest income and interest expense associated with consolidated trusts is reclassified to guarantee and commitment fees in determining Farmer Mac's core earnings. Farmer Mac also excludes from net effective spread the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on Farmer Mac's financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity.
Net effective spread also differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"). Farmer Mac uses interest rate swaps to manage its interest rate risk exposure by synthetically modifying the interest rate reset or maturity characteristics of certain assets and liabilities. The accrual of the contractual amounts due on interest rate swaps designated in hedge accounting relationships is included as an adjustment to the yield or cost of the hedged item and is included in net interest income. For undesignated financial derivatives, Farmer Mac records the income or expense related to the accrual of the contractual amounts due in "(Losses)/gains on financial derivatives" on the consolidated statements of operations. However, the accrual of the contractual amounts due for undesignated financial derivatives are included in Farmer Mac's calculation of net effective spread.
Net effective spread also differs from net interest income and net interest yield because it includes the net effects of terminations or net settlements on financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other GSEs and
More information about Farmer Mac's use of non-GAAP measures is available in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, filed February 23, 2024 with the SEC. For a reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, and net interest income and net interest yield to net effective spread, see "Reconciliations" below.
Forward-Looking Statements
Management's expectations for Farmer Mac's future necessarily involve assumptions, estimates, and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about:
- the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;
- legislative or regulatory developments that could affect Farmer Mac, its sources of business, or agricultural or rural infrastructure industries;
- fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;
- the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac;
- the general rate of growth in agricultural mortgage and rural infrastructure indebtedness;
- the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or rural infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in
U.S. trade policies, fluctuations in export demand forU.S. agricultural products and foreign currency exchange rates, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices; - the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indexes;
- developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving government-sponsored enterprises, including Farmer Mac;
- the effects of the Federal Reserve's efforts to achieve monetary policy normalization to respond to inflation and employment levels; and
- other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, flooding and drought, climate change, or fluctuations in agricultural real estate values.
Other risk factors are discussed in "Risk Factors" in Part I, Item 1A in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 23, 2024. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this release. The forward-looking statements contained in this release represent management's expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this release is not necessarily indicative of future results.
About Farmer Mac
Farmer Mac is driven by its mission to increase the accessibility of financing for American agriculture and rural infrastructure. As the nation's premier secondary market for agricultural credit, we provide financial solutions to a broad spectrum of customers supporting rural America, including agricultural lenders, agribusinesses, and rural electric cooperatives. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. Additional information about Farmer Mac (including the Annual Report on Form 10-K referenced above) is available on our website at www.farmermac.com.
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES | |||
As of | |||
June 30, 2024 | December 31, 2023 | ||
(in thousands) | |||
Assets: | |||
Cash and cash equivalents | $ 922,961 | $ 888,707 | |
Investment securities: | |||
Available-for-sale, at fair value (amortized cost of | 5,248,715 | 4,918,931 | |
Held-to-maturity, at amortized cost | 9,270 | 53,756 | |
Other investments | 7,398 | 6,817 | |
Total Investment Securities | 5,265,383 | 4,979,504 | |
Farmer Mac Guaranteed Securities: | |||
Available-for-sale, at fair value (amortized cost of | 5,399,151 | 5,532,479 | |
Held-to-maturity, at amortized cost | 3,929,068 | 4,213,069 | |
Total Farmer Mac Guaranteed Securities | 9,328,219 | 9,745,548 | |
USDA Securities: | |||
Trading, at fair value | 1,026 | 1,241 | |
Held-to-maturity, at amortized cost | 2,330,535 | 2,354,171 | |
Total USDA Securities | 2,331,561 | 2,355,412 | |
Loans: | |||
Loans held for investment, at amortized cost | 10,041,653 | 9,623,119 | |
Loans held for investment in consolidated trusts, at amortized cost | 1,761,355 | 1,432,261 | |
Allowance for losses | (16,500) | (16,031) | |
Total loans, net of allowance | 11,786,508 | 11,039,349 | |
Financial derivatives, at fair value | 53,686 | 37,478 | |
Accrued interest receivable (includes | 285,774 | 287,128 | |
Guarantee and commitment fees receivable | 46,754 | 49,832 | |
Deferred tax asset, net | — | 8,470 | |
Prepaid expenses and other assets | 173,468 | 132,954 | |
Total Assets | $ 30,194,314 | $ 29,524,382 | |
Liabilities and Equity: | |||
Liabilities: | |||
Notes payable | $ 26,542,671 | $ 26,336,542 | |
Debt securities of consolidated trusts held by third parties | 1,662,549 | 1,351,069 | |
Financial derivatives, at fair value | 118,421 | 117,131 | |
Accrued interest payable (includes | 194,171 | 181,841 | |
Guarantee and commitment obligation | 44,758 | 47,563 | |
Accounts payable and accrued expenses | 125,267 | 76,662 | |
Deferred tax liability, net | 3,804 | — | |
Reserve for losses | 1,694 | 1,711 | |
Total Liabilities | 28,693,335 | 28,112,519 | |
Commitments and Contingencies | |||
Equity: | |||
Preferred stock: | |||
Series C, par value | 73,382 | 73,382 | |
Series D, par value | 96,659 | 96,659 | |
Series E, par value | 77,003 | 77,003 | |
Series F, par value | 116,160 | 116,160 | |
Series G, par value | 121,327 | 121,327 | |
Common stock: | |||
Class A Voting, | 1,031 | 1,031 | |
Class B Voting, | 500 | 500 | |
Class C Non-Voting, | 9,350 | 9,311 | |
Additional paid-in capital | 134,143 | 132,919 | |
Accumulated other comprehensive loss, net of tax | (9,141) | (40,145) | |
Retained earnings | 880,565 | 823,716 | |
Total Equity | 1,500,979 | 1,411,863 | |
Total Liabilities and Equity | $ 30,194,314 | $ 29,524,382 | |
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES | |||||||
For the Three Months Ended | For the six months ended | ||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||
(in thousands, except per share amounts) | |||||||
Interest income: | |||||||
Investments and cash equivalents | $ 84,538 | $ 69,779 | $ 169,462 | $ 129,482 | |||
Farmer Mac Guaranteed Securities and USDA Securities | 166,063 | 144,761 | 332,876 | 281,298 | |||
Loans | 153,105 | 129,292 | 297,685 | 248,324 | |||
Total interest income | 403,706 | 343,832 | 800,023 | 659,104 | |||
Total interest expense | 316,366 | 265,155 | 626,315 | 501,369 | |||
Net interest income | 87,340 | 78,677 | 173,708 | 157,735 | |||
Provision for losses | (6,179) | (1,073) | (4,378) | (1,620) | |||
Net interest income after provision for losses | 81,161 | 77,604 | 169,330 | 156,115 | |||
Non-interest income/(expense): | |||||||
Guarantee and commitment fees | 3,797 | 3,489 | 7,714 | 7,422 | |||
(Losses)/gains on financial derivatives | (1,799) | 1,693 | 280 | 2,092 | |||
Losses on sale of mortgage loans | (1,147) | — | (1,147) | — | |||
Gains on sale of available-for-sale investment securities | 1,052 | — | 1,052 | — | |||
(Provision for)/release of reserve for losses | (51) | (69) | 18 | (272) | |||
Other income | 674 | 758 | 1,923 | 1,984 | |||
Non-interest income | 2,526 | 5,871 | 9,840 | 11,226 | |||
Operating expenses: | |||||||
Compensation and employee benefits | 14,840 | 13,937 | 33,097 | 29,288 | |||
General and administrative | 8,904 | 9,420 | 17,159 | 16,947 | |||
Regulatory fees | 725 | 831 | 1,450 | 1,666 | |||
Operating expenses | 24,469 | 24,188 | 51,706 | 47,901 | |||
Income before income taxes | 59,218 | 59,287 | 127,464 | 119,440 | |||
Income tax expense | 12,113 | 12,075 | 26,613 | 25,193 | |||
Net income | 47,105 | 47,212 | 100,851 | 94,247 | |||
Preferred stock dividends | (6,792) | (6,791) | (13,583) | (13,582) | |||
Net income attributable to common stockholders | $ 40,313 | $ 40,421 | $ 87,268 | $ 80,665 | |||
Earnings per common share: | |||||||
Basic earnings per common share | $ 3.71 | $ 3.73 | $ 8.04 | $ 7.46 | |||
Diluted earnings per common share | $ 3.68 | $ 3.70 | $ 7.96 | $ 7.39 | |||
Reconciliations
Reconciliations of Farmer Mac's net income attributable to common stockholders to core earnings and core earnings per share are presented in the following tables along with information about the composition of core earnings for the periods indicated:
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | |||||
For the Three Months Ended | |||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | |||
(in thousands, except per share amounts) | |||||
Net income attributable to common stockholders | $ 40,313 | $ 46,955 | $ 40,421 | ||
Less reconciling items: | |||||
(Losses)/gains on undesignated financial derivatives due to fair value changes | (359) | 1,683 | 2,141 | ||
Gains/(losses) on hedging activities due to fair value changes | 2,604 | 3,002 | (4,901) | ||
Unrealized losses on trading assets | (87) | (14) | (57) | ||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 26 | 31 | 29 | ||
Net effects of terminations or net settlements on financial derivatives | (1,505) | (192) | 583 | ||
Income tax effect related to reconciling items | (143) | (947) | 464 | ||
Sub-total | 536 | 3,563 | (1,741) | ||
Core earnings | $ 39,777 | $ 43,392 | $ 42,162 | ||
Composition of Core Earnings: | |||||
Revenues: | |||||
Net effective spread(1) | $ 83,596 | $ 83,044 | $ 81,832 | ||
Guarantee and commitment fees(2) | 5,256 | 4,982 | 4,581 | ||
Gain on sale of investment securities (GAAP) | 1,052 | — | — | ||
Loss on sale of mortgage loan (GAAP) | (1,147) | — | — | ||
Other(3) | 481 | 1,077 | 409 | ||
Total revenues | 89,238 | 89,103 | 86,822 | ||
Credit related expense (GAAP): | |||||
Provision for/(release of) losses | 6,230 | (1,870) | 1,142 | ||
Total credit related expense | 6,230 | (1,870) | 1,142 | ||
Operating expenses (GAAP): | |||||
Compensation and employee benefits | 14,840 | 18,257 | 13,937 | ||
General and administrative | 8,904 | 8,255 | 9,420 | ||
Regulatory fees | 725 | 725 | 831 | ||
Total operating expenses | 24,469 | 27,237 | 24,188 | ||
Net earnings | 58,539 | 63,736 | 61,492 | ||
Income tax expense(4) | 11,970 | 13,553 | 12,539 | ||
Preferred stock dividends (GAAP) | 6,792 | 6,791 | 6,791 | ||
Core earnings | $ 39,777 | $ 43,392 | $ 42,162 | ||
Core earnings per share: | |||||
Basic | $ 3.66 | $ 4.00 | $ 3.89 | ||
Diluted | $ 3.63 | $ 3.96 | $ 3.86 | ||
(1) | Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread. |
(2) | Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities. |
(3) | Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. |
(4) | Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings. |
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | |||
For the Six Months Ended | |||
June 30, 2024 | June 30, 2023 | ||
(in thousands, except per share amounts) | |||
Net income attributable to common stockholders | $ 87,268 | $ 80,665 | |
Less reconciling items: | |||
Gains on undesignated financial derivatives due to fair value changes | 1,324 | 3,057 | |
Gains/(losses) on hedging activities due to fair value changes | 5,606 | (5,006) | |
Unrealized (losses)/gains on trading assets | (101) | 302 | |
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 57 | 58 | |
Net effects of terminations or net settlements on financial derivatives | (1,697) | 1,106 | |
Income tax effect related to reconciling items | (1,090) | 102 | |
Sub-total | 4,099 | (381) | |
Core earnings | $ 83,169 | $ 81,046 | |
Composition of Core Earnings: | |||
Revenues: | |||
Net effective spread(1) | $ 166,640 | $ 159,005 | |
Guarantee and commitment fees(2) | 10,238 | 9,235 | |
Gain on sale of investment securities (GAAP) | 1,052 | — | |
Loss on sale of mortgage loan (GAAP) | (1,147) | — | |
Other(3) | 1,558 | 1,476 | |
Total revenues | 178,341 | 169,716 | |
Credit related expense (GAAP): | |||
Provision for losses | 4,360 | 1,892 | |
Total credit related expense | 4,360 | 1,892 | |
Operating expenses (GAAP): | |||
Compensation and employee benefits | 33,097 | 29,288 | |
General and administrative | 17,159 | 16,947 | |
Regulatory fees | 1,450 | 1,666 | |
Total operating expenses | 51,706 | 47,901 | |
Net earnings | 122,275 | 119,923 | |
Income tax expense(4) | 25,523 | 25,295 | |
Preferred stock dividends (GAAP) | 13,583 | 13,582 | |
Core earnings | $ 83,169 | $ 81,046 | |
Core earnings per share: | |||
Basic | $ 7.66 | $ 7.49 | |
Diluted | $ 7.59 | $ 7.42 | |
(1) | Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread. |
(2) | Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities. |
(3) | Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. |
(4) | Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings. |
Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||
(in thousands, except per share amounts) | |||||||||
GAAP - Basic EPS | $ 3.71 | $ 4.33 | $ 3.73 | $ 8.04 | $ 7.46 | ||||
Less reconciling items: | |||||||||
(Losses)/gains on undesignated financial derivatives due to fair value changes | (0.03) | 0.16 | 0.20 | 0.12 | 0.28 | ||||
Gains/(losses) on hedging activities due to fair value changes | 0.24 | 0.28 | (0.45) | 0.52 | (0.46) | ||||
Unrealized (losses)/gains on trading securities | (0.01) | — | — | (0.01) | 0.03 | ||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | — | — | — | 0.01 | 0.01 | ||||
Net effects of terminations or net settlements on financial derivatives | (0.14) | (0.02) | 0.05 | (0.16) | 0.10 | ||||
Income tax effect related to reconciling items | (0.01) | (0.09) | 0.04 | (0.10) | 0.01 | ||||
Sub-total | 0.05 | 0.33 | (0.16) | 0.38 | (0.03) | ||||
Core Earnings - Basic EPS | $ 3.66 | $ 4.00 | $ 3.89 | $ 7.66 | $ 7.49 | ||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,879 | 10,847 | 10,833 | 10,863 | 10,817 | ||||
Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||
(in thousands, except per share amounts) | |||||||||
GAAP - Diluted EPS | $ 3.68 | $ 4.28 | $ 3.70 | $ 7.96 | $ 7.39 | ||||
Less reconciling items: | |||||||||
(Losses)/gains on undesignated financial derivatives due to fair value changes | (0.03) | 0.15 | 0.20 | 0.12 | 0.28 | ||||
Gains/(losses) on hedging activities due to fair value changes | 0.24 | 0.28 | (0.45) | 0.51 | (0.46) | ||||
Unrealized (losses)/gains on trading securities | (0.01) | — | — | (0.01) | 0.03 | ||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | — | — | — | 0.01 | 0.01 | ||||
Net effects of terminations or net settlements on financial derivatives | (0.14) | (0.02) | 0.05 | (0.16) | 0.10 | ||||
Income tax effect related to reconciling items | (0.01) | (0.09) | 0.04 | (0.10) | 0.01 | ||||
Sub-total | 0.05 | 0.32 | (0.16) | 0.37 | (0.03) | ||||
Core Earnings - Diluted EPS | $ 3.63 | $ 3.96 | $ 3.86 | $ 7.59 | $ 7.42 | ||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,956 | 10,969 | 10,916 | 10,966 | 10,917 | ||||
The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:
Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | |||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||
(dollars in thousands) | |||||||||||||||||||
Net interest income/yield | $ 87,340 | 1.15 % | $ 86,368 | 1.15 % | $ 78,677 | 1.12 % | $ 173,708 | 1.15 % | $ 157,735 | 1.13 % | |||||||||
Net effects of consolidated trusts | (1,371) | 0.02 % | (1,052) | 0.02 % | (1,044) | 0.02 % | (2,423) | 0.02 % | (2,099) | 0.02 % | |||||||||
Expense related to undesignated financial derivatives | (486) | (0.01) % | (34) | — % | (1,568) | (0.02) % | (521) | — % | (3,193) | (0.02) % | |||||||||
Amortization of premiums/discounts on assets consolidated at fair value | (21) | — % | (27) | — % | (24) | — % | (48) | — % | (48) | — % | |||||||||
Amortization of losses due to terminations or net settlements on financial derivatives | 738 | 0.01 % | 791 | 0.01 % | 890 | 0.01 % | 1,530 | 0.01 % | 1,604 | 0.01 % | |||||||||
Fair value changes on fair value hedge relationships | (2,604) | (0.03) % | (3,002) | (0.04) % | 4,901 | 0.07 % | (5,606) | (0.04) % | 5,006 | 0.03 % | |||||||||
Net effective spread | $ 83,596 | 1.14 % | $ 83,044 | 1.14 % | $ 81,832 | 1.20 % | $ 166,640 | 1.14 % | $ 159,005 | 1.17 % | |||||||||
The following table presents core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three months ended June 30, 2024:
Core Earnings by Business Segment | |||||||||||||||||
For the Three Months Ended June 30, 2024 | |||||||||||||||||
Agricultural Finance | Rural Infrastructure | Treasury | Corporate | ||||||||||||||
Farm & | Corporate | Rural Utilities | Renewable Energy | Funding | Investments | Reconciling Adjustments | Consolidated | ||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ 35,522 | $ 7,866 | $ 7,672 | $ 2,999 | $ 32,620 | $ 661 | $ — | $ — | $ 87,340 | ||||||||
Less: reconciling | (1,366) | — | (26) | — | (2,352) | — | — | 3,744 | — | ||||||||
Net effective spread | 34,156 | 7,866 | 7,646 | 2,999 | 30,268 | 661 | — | 3,744 | — | ||||||||
Guarantee and | 4,612 | 127 | 301 | 216 | — | — | — | (1,459) | 3,797 | ||||||||
Gain on sale of | — | — | — | — | — | 1,052 | — | — | 1,052 | ||||||||
Loss on sale of | — | (1,147) | — | — | — | — | — | — | (1,147) | ||||||||
Other income/(expense)(3) | 517 | (5) | — | — | — | 7 | (38) | (1,606) | (1,125) | ||||||||
Total revenues | 39,285 | 6,841 | 7,947 | 3,215 | 30,268 | 1,720 | (38) | 679 | 89,917 | ||||||||
(Provision for)/release | (211) | (5,354) | 502 | (1,117) | — | 1 | — | — | (6,179) | ||||||||
Release of reserve for | (36) | — | (15) | — | — | — | — | — | (51) | ||||||||
Operating expenses | — | — | — | — | — | — | (24,469) | — | (24,469) | ||||||||
Total non-interest | (36) | — | (15) | — | — | — | (24,469) | — | (24,520) | ||||||||
Core earnings before | 39,038 | 1,487 | 8,434 | 2,098 | 30,268 | 1,721 | (24,507) | 679 | (4) | 59,218 | |||||||
Income tax | (8,198) | (312) | (1,771) | (441) | (6,355) | (362) | 5,469 | (143) | (12,113) | ||||||||
Core earnings before | 30,840 | 1,175 | 6,663 | 1,657 | 23,913 | 1,359 | (19,038) | 536 | (4) | 47,105 | |||||||
Preferred stock | — | — | — | — | — | — | (6,792) | — | (6,792) | ||||||||
Segment core | $ 30,840 | $ 1,175 | $ 6,663 | $ 1,657 | $ 23,913 | $ 1,359 | $ 536 | (4) | $ 40,313 | ||||||||
Total Assets | $ 14,962,357 | $ 1,660,154 | $ 7,135,581 | $ 736,936 | $ — | $ — | |||||||||||
Total on- and off- | $ 18,504,501 | $ 1,816,893 | $ 7,561,473 | $ 875,472 | $ — | $ — | $ — | $ — | |||||||||
(1) | Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. |
(2) | Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. |
(3) | Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. |
(4) | Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Supplemental Information
The following table sets forth information about outstanding volume in each of Farmer Mac's lines of business as of the dates indicated:
Outstanding Business Volume | ||||||
On or Off Balance Sheet | As of June 30, 2024 | As of December 31, 2023 | ||||
(in thousands) | ||||||
Agricultural Finance: | ||||||
Farm & Ranch: | ||||||
Loans | On-balance sheet | $ 5,138,819 | $ 5,133,450 | |||
Loans held in consolidated trusts: | ||||||
Beneficial interests owned by third-party investors (single-class)(1) | On-balance sheet | 908,600 | 870,912 | |||
Beneficial interests owned by third-party investors (structured)(1) | On-balance sheet | 852,755 | 561,349 | |||
IO-FMGS(2) | On-balance sheet | 9,062 | 9,409 | |||
USDA Securities | On-balance sheet | 2,359,450 | 2,368,872 | |||
AgVantage Securities(1) | On-balance sheet | 5,435,000 | 5,835,000 | |||
LTSPCs and unfunded loan commitments | Off-balance sheet | 2,807,324 | 2,999,943 | |||
Other Farmer Mac Guaranteed Securities(3) | Off-balance sheet | 436,822 | 452,602 | |||
Loans serviced for others | Off-balance sheet | 556,669 | 577,264 | |||
Total Farm & Ranch | $ 18,504,501 | $ 18,808,801 | ||||
Corporate AgFinance: | ||||||
Loans | On-balance sheet | $ 1,286,167 | $ 1,259,723 | |||
AgVantage Securities(1) | On-balance sheet | 359,627 | 288,879 | |||
Unfunded loan commitments | Off-balance sheet | 171,099 | 145,377 | |||
Total Corporate AgFinance | $ 1,816,893 | $ 1,693,979 | ||||
Total Agricultural Finance | $ 20,321,394 | $ 20,502,780 | ||||
Rural Infrastructure Finance: | ||||||
Rural Utilities: | ||||||
Loans | On-balance sheet | $ 3,240,660 | $ 3,094,477 | |||
AgVantage Securities(1) | On-balance sheet | 3,860,014 | 3,898,468 | |||
LTSPCs and unfunded loan commitments | Off-balance sheet | 460,799 | 487,778 | |||
Total Rural Utilities | $ 7,561,473 | $ 7,480,723 | ||||
Renewable Energy: | ||||||
Loans | On-balance sheet | $ 738,578 | $ 440,286 | |||
Unfunded loan commitments | Off-balance sheet | 136,894 | 47,235 | |||
Total Renewable Energy | $ 875,472 | $ 487,521 | ||||
Total Rural Infrastructure Finance | $ 8,436,945 | $ 7,968,244 | ||||
Total | $ 28,758,339 | $ 28,471,024 | ||||
(1) | A type of Farmer Mac Guaranteed Security. |
(2) | An interest-only Farmer Mac Guaranteed Security retained as part of a structured securitization. |
(3) | Other categories of Farmer Mac Guaranteed Securities that were sold by Farmer Mac to third parties |
The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:
Net Effective Spread(1) | |||||||||||||||||||||||||||
Agricultural Finance | Rural Infrastructure Finance | Treasury | |||||||||||||||||||||||||
Farm & Ranch | Corporate | Rural Utilities | Renewable | Funding | Investments | Net Effective | |||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||
June 30, 2024(2) | $ 34,156 | 0.98 % | 1.91 % | 0.44 % | 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 | 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 % | |||||||||||||
June 30, 2022 | 32,590 | 1.05 % | 6,929 | 1.87 % | 3,733 | 0.27 % | 468 | 1.78 % | 18,508 | 0.30 % | (1,282) | (0.10) % | 60,946 | 0.99 % | |||||||||||||
(1) | Farmer Mac excludes the Corporate segment in the presentation above because the segment does not have any interest-earning assets. |
(2) | See above for a reconciliation of GAAP net interest income by line of business to net effective spread by line of business for the three months ended June 30, 2024. |
The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:
Core Earnings by Quarter Ended | |||||||||||||||||
June 2024 | March 2024 | December 2023 | September 2023 | June 2023 | March 2023 | December 2022 | September 2022 | June 2022 | |||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
Net effective spread | $ 83,596 | $ 83,044 | $ 84,551 | $ 83,424 | $ 81,832 | $ 77,173 | $ 71,103 | $ 65,641 | $ 60,946 | ||||||||
Guarantee and commitment fees | 5,256 | 4,982 | 4,865 | 4,828 | 4,581 | 4,654 | 4,677 | 4,201 | 4,709 | ||||||||
Gain on sale of investment securities | 1,052 | — | — | — | — | — | — | — | — | ||||||||
Loss on sale of mortgage loan | (1,147) | — | — | — | — | — | — | — | — | ||||||||
Other | 481 | 1,077 | 767 | 1,056 | 409 | 1,067 | 390 | 473 | 307 | ||||||||
Total revenues | 89,238 | 89,103 | 90,183 | 89,308 | 86,822 | 82,894 | 76,170 | 70,315 | 65,962 | ||||||||
Credit related expense/(income): | |||||||||||||||||
Provision for/(release of) losses | 6,230 | (1,870) | (575) | (181) | 1,142 | 750 | 1,945 | 450 | (1,535) | ||||||||
REO operating expenses | — | — | — | — | — | — | 819 | — | — | ||||||||
Total credit related expense/(income) | 6,230 | (1,870) | (575) | (181) | 1,142 | 750 | 2,764 | 450 | (1,535) | ||||||||
Operating expenses: | |||||||||||||||||
Compensation and employee benefits | 14,840 | 18,257 | 15,523 | 14,103 | 13,937 | 15,351 | 12,105 | 11,648 | 11,715 | ||||||||
General and administrative | 8,904 | 8,255 | 8,916 | 9,100 | 9,420 | 7,527 | 8,055 | 6,919 | 7,520 | ||||||||
Regulatory fees | 725 | 725 | 725 | 831 | 831 | 835 | 832 | 812 | 813 | ||||||||
Total operating expenses | 24,469 | 27,237 | 25,164 | 24,034 | 24,188 | 23,713 | 20,992 | 19,379 | 20,048 | ||||||||
Net earnings | 58,539 | 63,736 | 65,594 | 65,455 | 61,492 | 58,431 | 52,414 | 50,486 | 47,449 | ||||||||
Income tax expense | 11,970 | 13,553 | 13,881 | 13,475 | 12,539 | 12,756 | 11,210 | 10,303 | 9,909 | ||||||||
Preferred stock dividends | 6,792 | 6,791 | 6,791 | 6,792 | 6,791 | 6,791 | 6,791 | 6,791 | 6,792 | ||||||||
Core earnings | $ 39,777 | $ 43,392 | $ 44,922 | $ 45,188 | $ 42,162 | $ 38,884 | $ 34,413 | $ 33,392 | $ 30,748 | ||||||||
Reconciling items: | |||||||||||||||||
(Losses)/gains on undesignated | $ (359) | $ 1,683 | $ (836) | $ 2,921 | $ 2,141 | $ 916 | $ 1,596 | $ 6,441 | $ 2,846 | ||||||||
Gains/(losses) on hedging activities | 2,604 | 3,002 | (3,598) | 3,210 | (4,901) | (105) | (148) | (624) | 428 | ||||||||
Unrealized (losses)/gains on trading | (87) | (14) | (37) | 1,714 | (57) | 359 | 31 | (757) | (285) | ||||||||
Net effects of amortization of | 26 | 31 | 88 | 29 | 29 | 29 | 57 | 24 | (62) | ||||||||
Net effects of terminations or net | (1,505) | (192) | (800) | (79) | 583 | 523 | 1,268 | (3,522) | 2,536 | ||||||||
Income tax effect related to reconciling | (143) | (947) | 1,089 | (1,638) | 464 | (362) | (590) | (327) | (1,148) | ||||||||
Net income attributable to common | $ 40,313 | $ 46,955 | $ 40,828 | $ 51,345 | $ 40,421 | $ 40,244 | $ 36,627 | $ 34,627 | $ 35,063 | ||||||||
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SOURCE Farmer Mac
FAQ
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