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Aug. 9, 2023 Source: Farmer Mac news release WASHINGTON, D.C., -- The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing for American agriculture and rural infrastructure, today announced its results for the fiscal quarter ended June 30, 2023. "I'm pleased to report that Farmer Mac once again posted record revenue, core earnings, and net effective spread in the second quarter, building on our consistent performance over the past several years," said President and Chief Executive Officer Brad Nordholm. "Our capital base remains strong, which along with our disciplined asset-liability management and uninterrupted access to the capital markets, supports our long-term strategic growth objectives, and also serves as a buffer against unexpected market developments and changing credit market conditions. We remain focused on our mission to support American agriculture and rural infrastructure." Second Quarter 2023 Highlights • Provided $1.6 billion in liquidity and lending capacity to lenders serving rural America • Added $0.6 billion of new business volume in the form of servicing rights on a pool of loans serviced for others acquired during the quarter • Net interest income grew 23% year-over-year to $78.7 million • Net effective spread1 increased 34% from the prior-year period to a record $81.8 million • Net income attributable to common stockholders was $40.4 million, compared to $35.1 million in the same period last year • Record core earnings1 of $42.2 million, or $3.86 per diluted common share, reflecting 37% growth year-over-year • 90-day delinquencies were 0.17% across the entire $26.7 billion portfolio as of June 30, 2023 • Maintained strong capital position with total core capital of $1.4 billion, exceeding statutory requirement by 70% and a Tier 1 Capital Ratio of 15.9% as of June 30, 2023 To read entire report, Click Here Tweet |
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