Federal Agricultural Mortgage (AGM) - 2024 Q3 - Quarterly Results

Financial Performance - Net income attributable to common stockholders was $42.3 million[3] - Core earnings were $44.9 million, translating to $4.10 per diluted common share[3] - Net income attributable to common stockholders decreased to $42,312 from $51,345, reflecting a decline of 17.5% year-over-year[21] - Basic earnings per common share decreased to $3.89 from $4.74, a decline of 17.9%[21] - For the nine months ended September 30, 2024, net income attributable to common stockholders was $129,580,000, down from $132,010,000 year-over-year[27] - Total revenues for the three months ended September 30, 2024, were $91,526,000, up from $89,238,000 in the previous quarter and slightly up from $89,308,000 year-over-year[23] - Total revenues for the nine months ended September 30, 2024, were $269,867,000, compared to $259,024,000 in the previous year[27] Assets and Liabilities - Total assets increased to $30,615,221, up from $29,524,382, representing a growth of 3.7%[20] - Total liabilities rose to $29,152,877, an increase of 3.7% from $28,112,519[20] - Total investment securities increased to $5,895,793, up from $4,979,504, a growth of 18.4%[20] - Retained earnings increased to $907,639 from $823,716, reflecting a growth of 10.2%[20] Income and Expenses - Net interest income was $86.8 million, a slight decrease of 1% from $87.6 million in Q3 2023[3] - Total interest income for the three months ended September 30, 2024, was $407,728, an increase of 6.5% compared to $381,811 for the same period in 2023[21] - Total interest expense for the three months ended September 30, 2024, was $320,937, an increase of 9.1% compared to $294,168 in the prior year[21] - Operating expenses for the three months ended September 30, 2024, totaled $24,587,000, slightly up from $24,469,000 in the previous quarter[23] - Total credit-related expenses for the three months ended September 30, 2024, were $3,454,000, down from $6,230,000 in the previous quarter[23] Capital and Liquidity - Total core capital stood at $1.5 billion, exceeding statutory requirements by 66%[3] - Tier 1 Capital Ratio was 14.2% as of September 30, 2024[3] - Farmer Mac maintained 309 days of liquidity as of September 30, 2024[3] Revenue Streams and Business Volume - Outstanding business volume reached $28.5 billion as of September 30, 2024[1] - The company continues to focus on diversifying revenue streams and managing its balance sheet proactively[2] - The total outstanding business volume across all segments is $28,468,303 thousand as of September 30, 2024, a marginal decrease from $28,471,024 thousand as of December 31, 2023[35] Loan Performance - Loans held for investment increased to $10,668,844, up 10.8% from $9,623,119[20] - Loans in the Rural Infrastructure Finance segment increased to $8,535,149 thousand as of September 30, 2024, up from $7,968,244 thousand as of December 31, 2023, indicating a growth of approximately 7.1%[35] - The total outstanding loans for Corporate AgFinance reached $1,842,780 thousand as of September 30, 2024, an increase from $1,693,979 thousand as of December 31, 2023, reflecting a growth of about 8.8%[35] - The total outstanding loans for Renewable Energy increased significantly to $1,095,008 thousand as of September 30, 2024, compared to $487,521 thousand as of December 31, 2023, marking a substantial growth of approximately 125%[35] - The total outstanding loans for Rural Utilities reached $7,440,141 thousand as of September 30, 2024, slightly down from $7,480,723 thousand as of December 31, 2023, indicating a decrease of approximately 0.5%[35] Effective Spread - Net effective spread improved by 2% year-over-year to $85.4 million[3] - The net effective spread for the three months ended September 30, 2024, was $85,396,000, compared to $83,596,000 in the previous quarter and $83,424,000 year-over-year[23] - The net effective spread for Agricultural Finance (Farm & Ranch) for the quarter ended September 30, 2024, is $35,755 thousand, with a yield of 1.05%, compared to $34,156 thousand and 0.98% in the previous quarter[36] - The net effective spread for Renewable Energy for the quarter ended September 30, 2024, is $3,810 thousand with a yield of 1.78%[36]