Federal Agricultural Mortgage Corporation (NYSE:AGM) Q2 2022 Earnings Conference Call August 8, 2022 4:30 PM ET Company Participants Jalpa Nazareth - Director, IR and Finance Strategy Brad Nordholm - President and CEO Aparna Ramesh - CFO Zach Carpenter - EVP and Chief Business Officer Conference Call Participants Sloane Ortel - Invest Vegan Operator Good afternoon, and welcome to the Farmer Mac Second Quarter 2022 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an ...

As filed with the Securities and Exchange Commission on August 8, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____. Commission File Number 001-14951 FEDERAL AGRICULTURAL MORTGAGE CORPORATION (Exact na ...

Financial Data and Key Metrics Changes - Core earnings for Q1 2022 were $25.8 million, or $2.37 per diluted common share, compared to $30 million, or $2.75 per diluted common share in Q4 2021, and $25.9 million, or $2.39 per diluted common share for the same period last year [14] - Net effective spread for Q1 2022 was $57.8 million, an approximate 7% increase compared to Q4 2021 and the same period last year [15] - Operating expenses increased by 13% in Q1 2022 compared to Q1 2021, primarily due to increased headcount and technology investments [19] Business Line Data and Key Metrics Changes - The Agricultural Finance line of business grew approximately $500 million this quarter, or roughly 3%, primarily due to AgVantage securities and Farm & Ranch loan purchase programs [6] - The Rural Infrastructure Finance line of business grew nearly $150 million this quarter, or 2%, primarily due to loan purchase products and a $35 million commitment to a large solar project [9] - The securitization program faced challenges in Q1 2022 due to market volatility, but the company remains committed to building a robust securitization program [10][18] Market Data and Key Metrics Changes - The agricultural sector is experiencing rising farm expenses across nearly all categories, driven by higher grain, fertilizer, energy, and labor prices [7] - The USDA forecasts record net cash incomes for 2022, despite anticipated increases in production expenses and decreases in government payments [8] - Commodity prices are at historically high levels, with corn approaching $8 per bushel and wheat over $10 per bushel, which may offset rising input costs [27] Company Strategy and Development Direction - The company is focused on enhancing its technology infrastructure and has set meaningful market share goals in its strategic plan [11] - A rebranding initiative is underway to better connect with a larger audience and stakeholders [12] - The company plans to continue investments in headcount and technology to support growth and mitigate risks [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall condition of American agriculture, despite current volatility and rising input costs [26] - The company is well-positioned to navigate the current economic environment and is excited about future opportunities [23] - Credit quality remains strong, with expectations of continued high-quality credit performance in the portfolio [31] Other Important Information - The total allowance for losses was $16.3 million as of March 31, 2022, a modest decrease from year-end 2021 [21] - Farmer Mac's core capital as of March 31, 2022, was $1.2 billion, exceeding statutory requirements by $489 million [22] Q&A Session Summary Question: Impact of current political and economic situation on grain prices and credit quality - Management acknowledged the volatility in the environment but maintained a generally positive outlook for American agriculture in 2022, with anticipated record earnings [26][27] Question: Opportunities for market share gains given access to capital - Management identified opportunities in various portfolio segments, particularly in AgVantage activity and long-term fixed-rate mortgages [33][34][35] Question: Adjustments to hedges due to market shifts - Management confirmed that their disciplined asset liability management mitigated the need for adjustments to hedges despite market volatility [38] Question: Funding costs and available spreads for new investment - Management noted widening funding costs but emphasized their competitive positioning relative to other issuers [42][43] Question: Impact of servicing business on net interest margin - Management indicated that the servicing business would likely have a neutral to positive impact on net interest margin over time [45] Question: Plans to achieve below 30% efficiency ratio - Management expressed optimism about managing the efficiency ratio below 30% on an annualized basis, despite current elevated levels [49][48]

Federal Agricultural Mortgage Corp (NYSE:AGM) Q4 2021 Earnings Conference Call February 28, 2022 4:30 PM ET Company Participants Jalpa Nazareth - Director, IR & Finance Strategy Bradford Nordholm - President & CEO Aparna Ramesh - EVP & CFO Zachary Carpenter - EVP & Chief Business Officer Conference Call Participants Marla Backer - Sidoti & Company John Szabo - Flint Ridge Capital Operator Good day, and welcome to the Farmer Mac Fourth Quarter and Full Year 2021 Earnings Conference Call. [Operator Instructio ...

As filed with the Securities and Exchange Commission on February 28, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____. Commission File Number 001-14951 FEDERAL AGRICULTURAL MORTGAGE CORPORATION ...