Welcome to our dedicated page for Federal Agricultural Mortgage Corporation news (Ticker: AGM), a resource for investors and traders seeking the latest updates and insights on Federal Agricultural Mortgage Corporation stock.
The Federal Agricultural Mortgage Corporation, commonly known as Farmer Mac (NYSE: AGM), is a stockholder-owned, government-sponsored enterprise (GSE) established by Congress to enhance the availability of long-term credit for America’s farmers, ranchers, rural homeowners, businesses, and communities. Farmer Mac achieves its mission by providing a secondary market for agricultural mortgage loans, rural housing mortgage loans, rural utilities loans, and USDA-guaranteed portions of agricultural and rural development loans.
Farmer Mac operates through seven segments: Farm & Ranch, Corporate AgFinance, Rural Utilities, Renewable Energy, Funding, Investments, and Corporate. The company purchases qualified mortgage loans secured by first liens on agricultural real estate and rural housing under its Farm & Ranch segment. Its subsidiary also acquires USDA-guaranteed portions of agricultural, rural development, business and industry, and community facilities loans.
Recently, Farmer Mac reported an outstanding business volume of $28.8 billion for the fiscal quarter ended March 31, 2024, demonstrating its critical role in providing liquidity to lenders serving rural America. The corporation's latest financial results highlight its robust performance, with net interest income growing by 9% year-over-year to $86.4 million and net effective spread increasing by 8% to $83.0 million.
Farmer Mac is known for its consistent performance, strategic growth, and disciplined asset-liability management. Its strong capital base and uninterrupted access to capital markets underscore its resilience and long-term commitment to supporting American agriculture and rural infrastructure. The company's strategic initiatives also include innovations in the agricultural mortgage-backed securities (AMBS) market to enhance credit accessibility in rural America.
As a GSE, Farmer Mac's operations and financial strength are pivotal in ensuring the continued growth and sustainability of America's rural and agricultural communities, making it an essential component of the nation's agricultural credit market.
Farmer Mac (NYSE: AGM, AGM.A) announced the successful closing of a $301.1 million agricultural mortgage-backed securitization (AMBS), identified as FARM 2022-1. This transaction involved a pool of 450 agricultural mortgage loans and aims to enhance credit availability for rural America. The deal comprises a $278.5 million senior tranche and a $22.6 million subordinate tranche. CEO Brad Nordholm highlighted the significance of this securitization in diversifying funding sources and generating new revenue streams.
The Federal Agricultural Mortgage Corporation (Farmer Mac; AGM, AGM.A) reported strong financial results for Q2 2022, highlighting a net income of $39.1 million, up from $25.4 million year-over-year. The company added $1.9 billion in gross business volume, reaching a total of $24.5 billion. Net interest income rose by 26% to $69.4 million, while core earnings increased by 3% to $30.7 million, or $2.83 per diluted share. Notably, 90-day delinquencies stood at 0.08% of the portfolio, reflecting solid credit quality amid economic uncertainty.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) will announce its financial results for the fiscal quarter ending June 30, 2022, on August 8, 2022, after market close. A conference call to discuss the results is scheduled for the same day at 4:30 PM ET. Farmer Mac serves as a secondary market provider, enhancing credit availability and affordability for rural America. The company aims to improve agricultural credit access and reduce costs for rural communities.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) has announced the appointment of Chester J. Culver to its board of directors, confirmed by the U.S. Senate on May 18, 2022. Culver, a former Iowa governor, replaces Myles J. Watts. His experience includes roles in agriculture, politics, and education, reflecting a strong commitment to rural communities. Culver's return to the board aims to enhance Farmer Mac's focus on rural infrastructure and renewable energy initiatives, supporting agricultural lenders across America.
Farmer Mac reported a strong performance for the first quarter of 2022, achieving an outstanding business volume of $24.2 billion. Key highlights include a net income of $41.0 million, up 46% year-over-year, and a net interest income growth of $61.9 million, an 8% increase from the previous year. Core earnings stood at $25.8 million or $2.37 per diluted share. Despite increased operating expenses, the company is well-positioned to navigate market challenges, including inflation and credit volatility, while continuing to pursue growth opportunities.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) will release its financial results for the first quarter of 2022 on May 9, 2022, after market close. A conference call to discuss these results is scheduled for the same day at 4:30 PM ET. Farmer Mac facilitates credit availability for rural America, providing financial solutions to agricultural communities. It enhances access to low-cost financing through its operational efficiency and low overhead costs.
Farmer Mac (NYSE: AGM, AGM.A) announced that Lowell L. Junkins has been appointed Chair of its board of directors, effective March 30, 2022. Junkins has been a board member since 1996 and previously served as Chair from 2010 to 2020. LaJuana S. Wilcher, who has served as Chair since January 2020, will now serve as Vice Chair. Farmer Mac provides financial solutions to the agricultural sector, enhancing access to affordable credit for rural communities across the U.S.
The Federal Agricultural Mortgage Corporation (Farmer Mac) reported strong financial results for the fiscal year ending December 31, 2021, with a net income of $107.6 million, up 20% from $89.2 million in 2020. Core earnings also rose by 13% to $113.6 million. Significant highlights include a strategic acquisition that enhanced loan servicing capabilities and a structured securitization transaction amounting to $300 million. Additionally, Farmer Mac's Board declared an 8% increase in the quarterly dividend to $0.95 per share, marking the eleventh consecutive annual hike.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) will release its financial results for the fiscal quarter and year ended December 31, 2021, on February 28, 2022, after market close. A conference call to discuss these results will follow at 4:30 p.m. ET on the same day. Farmer Mac is essential in enhancing credit access and affordability for rural America, serving agricultural lenders, agribusinesses, and related institutions. Additional details about the call can be found on Farmer Mac's website.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) reported a strong fiscal third quarter ending September 30, 2021, with a net income of $24.3 million, up from $18.7 million a year prior. The company achieved a net growth of $921.6 million in business volume, expanding its portfolio to $23.1 billion. Core earnings were stable at $27.6 million. Significant transactions included a $302.7 million agricultural mortgage-backed securities securitization and a strategic acquisition enhancing loan servicing. Farmer Mac's Tier 1 capital ratio stood at 15.1%, indicating solid financial health.
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