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NINE MONTHS: FARMER MAC'S REVENUES UP 37%, NET INCOME UP 32%
Source: Farmer Mac news release

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The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced its results for the fiscal quarter ended September 30, 2018, which included $15.7 million in net new business volume growth. Farmer Mac's net income attributable to common stockholders for third quarter 2018 was $26.5 million ($2.46 per diluted common share), compared to $26.3 million ($2.45 per diluted common share) in second quarter 2018 and $18.5 million ($1.71 per diluted common share) in third quarter 2017.

Farmer Mac's third quarter 2018 core earnings, a non-GAAP measure, were $22.4 million ($2.08 per diluted common share), compared to $19.4 million ($1.80 per diluted common share) in second quarter 2018 and $16.8 million ($1.55 per diluted common share) in third quarter 2017.

"Over the last few weeks, I have had the opportunity to meet with the members of the Farmer Mac management team and Board of Directors and I am impressed by the caliber, energy, and commitment of the people that are part of this mission-driven organization," said President and Chief Executive Officer Brad Nordholm.

"As our third quarter 2018 results demonstrate, Farmer Mac is healthy, growing, and positioned to be a central and strategic leader in rural finance. As I begin my tenure as CEO, I do so with great confidence in our team, our mission, and the credit and asset liability management discipline that is the foundation of our success."


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