Federal Agric Mtg Corp - AGM STOCK NEWS

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.

The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) will release its financial results for Q4 and the full year ended December 31, 2020, on February 25, 2021, after market closure. A conference call to discuss the results is scheduled for the same day at 5:00 p.m. ET. Farmer Mac plays a crucial role in providing affordable credit to rural America, benefiting agricultural lenders and agribusinesses through low-cost financing. More information can be found on Farmer Mac's website.

On December 23, 2020, Farmer Mac (NYSE: AGM, AGM.A) announced the swearing-in of Charles A. Stones as a new board member, confirmed by the Senate on December 18, 2020. Stones brings over 33 years of experience in agricultural credit policy and has served as president of the Kansas Bankers Association. He replaces Bruce J. Sherrick. Board Chair LaJuana S. Wilcher expressed confidence in Stones' ability to support Farmer Mac's mission of enhancing capital access for rural America. The board consists of five presidentially appointed members and ten elected by stockholders.

The Federal Agricultural Mortgage Corporation (AGM) reported strong financial results for Q3 2020, highlighting a net income of $18.7 million, up 29.5% year-over-year. Core earnings reached $27.7 million, reflecting an 18.4% increase. The company provided $1.3 billion in liquidity and reported a significant growth in its Farm & Ranch business, with a net increase of $231.5 million. Despite challenges posed by COVID-19, AGM maintained a robust liquidity position with $910.6 million in cash. 90-day delinquencies were 0.40%, pointing to stable asset quality.

The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) announced that it will release its financial results for the fiscal quarter ending September 30, 2020, on November 9, 2020, after market close. A conference call to discuss these results will occur at 5:00 p.m. ET on the same day. Farmer Mac aims to enhance credit availability and affordability for rural America through its role as a secondary market provider in agricultural lending.

Farmer Mac (NYSE: AGM, AGM.A) announced plans to redeem all 2,400,000 shares of its 5.875% Non-Cumulative Preferred Stock, Series A, at a price of $25.00 per share plus any declared dividends. The redemption will take place on September 19, 2020, with payments made on the next business day, September 21, 2020. Holders were notified today, and the redemption process will follow the procedures of The Depository Trust Company. As of the redemption date, dividends on the Series A Preferred Stock will cease to accrue.

The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) announced plans to issue $120 million of Tier 1 capital through a public offering of 5.250% non-cumulative perpetual Series F preferred stock. The offering is expected to close on August 20, 2020, and proceeds will be used for general corporate purposes and to redeem $60 million of existing Series A preferred stock. The Series F preferred stock will have a fixed dividend rate and no maturity date, with an option for Farmer Mac to redeem it starting on October 17, 2025.