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1ST HALF: FARMER MAC'S LOANS UP 8%, NET EARNINGS UP 61%
Source: Farmer Mac news release

To view the complete report, click here.

The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced its results for the fiscal quarter ended June 30, 2017, which included $414.3 million in net new business volume growth that brought total outstanding business volume to $18.3 billion as of June 30, 2017.

Farmer Mac's net income attributable to common stockholders for second quarter 2017 was $17.5 million ($1.62 per diluted common share), compared to $18.6 million ($1.73 per diluted common share) in first quarter 2017 and $12.0 million ($1.13 per diluted common share) in second quarter 2016. Farmer Mac's second quarter 2017 core earnings, a non-GAAP measure, were $16.0 million ($1.48 per diluted common share), compared to $15.6 million ($1.45 per diluted common share) in first quarter 2017 and $13.0 million ($1.23 per diluted common share) in second quarter 2016.

"We are proud to report another strong quarter, as outstanding business volume reached a new record high of $18.3 billion and core earnings grew by 22 percent year over-year," said President and Chief Executive Officer Tim Buzby.

"Our financial results reflect a continuation of the positive trends we've seen over the last several quarters, with new business volume growth, improvements in spreads, and strong profitability. The relative demand for our agricultural real estate financing products and solutions has increased significantly as more customers are recognizing the value Farmer Mac can provide and are choosing different products and solutions across our lines of business.

This growth reflects our team's dedication to understanding our customers' needs and continuing to deliver upon our mission throughout agricultural economic cycles. Despite certain sectors of the agricultural economy remaining under pressure, our credit quality remains favorable and within our expectations despite showing signs of the expected normalization related to the current agricultural credit cycle. We believe our financial outlook is strong as we continue to expand our customer base and innovate our product set to meet the needs of our customers in a more challenging environment."


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