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.
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.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) will release its financial results for Q3 2021, ending September 30, on November 8, 2021, after market close. A conference call to discuss these results is scheduled for 4:30 PM ET on the same day. Farmer Mac plays a crucial role in the agricultural credit markets by providing affordable financing solutions to rural America. The organization aims to enhance credit access and reduce costs for agricultural lenders and agribusinesses, benefiting the rural community.
Farmer Mac has successfully completed a $302.7 million securitization of agricultural mortgage loans, known as the FARM Series 2021-1. This financing initiative aims to enhance credit accessibility for rural communities, highlighting the company's commitment to supporting farmers and ranchers. The securitization includes 384 loans, underwritten to standard and features a $280 million senior tranche guaranteed by Farmer Mac. CEO Brad Nordholm stated this success showcases Farmer Mac's strong balance sheet and the resilience of the agricultural sector.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) reported strong second-quarter results for 2021, including a net income of $25.4 million, or $2.35 per diluted share. Net effective spread rose 22% to $56.6 million, driven by portfolio growth and higher spread loan products. Net interest income increased to $55.1 million, while core earnings were up 14% to $30 million ($2.77 per diluted share). Business volume reached $22.2 billion, a growth of $334.6 million from the prior quarter, supported by substantial gains in the Farm & Ranch sector.
Farmer Mac (NYSE: AGM, AGM.A) will release its financial results for Q2 2021 on August 5, 2021, post-market close. A conference call to discuss the results is scheduled for 4:30 p.m. ET the same day. This announcement highlights Farmer Mac's role in enhancing credit availability for rural America, underscoring its operations in the agricultural credit market.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) announced a public offering of $125 million in Tier 1 capital via 4.875% non-cumulative perpetual Series G preferred stock. Closing is expected on May 27, 2021. The net proceeds will be used for general corporate purposes, with plans to list the stock under symbol 'AGM PRG.' The fixed dividend rate of 4.875% is applicable as declared by the Board of Directors. The offering is exempt from registration under the Securities Act of 1933.
On May 17, 2021, Farmer Mac (NYSE: AGM, AGM.A) announced the election of Roy H. Tiarks to its board of directors, replacing Daniel L. Shaw. Tiarks brings 47 years of farming experience and extensive board service in agricultural finance. His expertise includes previous leadership roles on boards related to Farm Credit Banks. Tiarks emphasized the importance of credit access for farmers, aligning with Farmer Mac's mission to support rural America. The announcement reflects ongoing efforts to enhance financial solutions for agricultural communities.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) reported a robust financial performance for Q1 2021, achieving a net income of $28.0 million ($2.58 per diluted share), significantly up from $9.4 million in Q1 2020. Core earnings grew by 29% to $25.9 million. The company provided $1.5 billion in liquidity, and net interest income rose to $53.3 million. However, outstanding business volume decreased by $61.6 million to $21.9 billion, influenced by reductions in the Institutional Credit line. Overall, Farmer Mac maintains a strong liquidity position with $1.0 billion in cash.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) will release its financial results for the quarter ended March 31, 2021, on May 6, 2021, after market close. A conference call to discuss these results is scheduled for the same day at 4:30 PM Eastern Time. The call will be accessible via telephone at (888) 645-4404 for domestic callers or (862) 298-0702 for international participants, as well as through a webcast. Farmer Mac focuses on enhancing credit availability for rural America, supporting agricultural lenders and agribusinesses.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) has appointed Eric T. McKissack to its board of directors, replacing W. David Hemingway following his death in November 2020. McKissack, a veteran in financial investment and former CEO of Channing Capital Management, brings extensive expertise in portfolio management. Board Chair LaJuana S. Wilcher expressed confidence in McKissack's ability to enhance the board's capabilities. McKissack has a personal connection to agriculture and aims to support Farmer Mac’s mission to improve rural America’s financial access.
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