Federal Agricultural Mortgage (AGM) - 2025 Q1 - Quarterly Results

Financial Performance - Outstanding business volume reached $29.8 billion as of March 31, 2025[1] - Net interest income increased by 5% year-over-year to $90.9 million[5] - Core earnings reached a record $46.0 million, or $4.19 per diluted common share, reflecting 6% growth year-over-year[5] - Net income attributable to common stockholders for the three months ended March 31, 2025, was $43,985 thousand, a decrease of 6.3% compared to $46,955 thousand for the same period in 2024[24] - Total revenues for the quarter ended March 31, 2025, reached $96,793 thousand, an increase from $92,123 thousand in the previous quarter, marking a growth of 5.06%[36] - The company reported a net income of $49,651,000 for the three months ended March 31, 2025[31] - Net earnings for March 2025 were $65,632 thousand, compared to $59,158 thousand in December 2024, representing an increase of 10.92%[36] Capital and Assets - Total core capital stood at $1.5 billion, exceeding the statutory requirement by 65%[5] - The Tier 1 Capital Ratio was reported at 13.9% as of March 31, 2025[5] - Total assets increased to $31,803,939 thousand as of March 31, 2025, up from $31,324,742 thousand at December 31, 2024, representing a growth of 1.53%[22] - Total liabilities increased to $30,278,293 thousand as of March 31, 2025, compared to $29,835,716 thousand at December 31, 2024, marking a rise of 1.48%[22] Income and Expenses - Total interest income decreased to $381,414 thousand for the three months ended March 31, 2025, down from $396,317 thousand in the same period of 2024, reflecting a decline of 3.5%[24] - Total operating expenses for the three months ended March 31, 2025, were $29,510 thousand, compared to $27,237 thousand for the same period in 2024, reflecting an increase of 8.4%[24] - The company reported a net interest expense of $290,475 thousand for the three months ended March 31, 2025, down from $309,949 thousand in the same period of 2024, indicating a decrease of 6.3%[24] - Operating expenses for March 2025 totaled $29,510 thousand, slightly up from $29,093 thousand in December 2024, showing an increase of 1.43%[36] Earnings Per Share - Diluted EPS decreased by 13% sequentially to $4.01[5] - Basic earnings per common share for the three months ended March 31, 2025, were $4.04, a decrease from $4.33 in the same period of 2024, reflecting a decline of 6.7%[24] - GAAP diluted EPS for March 31, 2025, was $4.63, an increase of 8.2% from $4.28 for March 31, 2024[29] - Core earnings diluted EPS for March 31, 2025, was $3.97, compared to $3.96 for March 31, 2024, reflecting a slight increase[29] Liquidity and Risk Management - Farmer Mac provided $1.8 billion in liquidity and lending capacity to lenders serving rural America[5] - The company maintained 289 days of liquidity as of March 31, 2025[5] - The allowance for losses increased to $25,056 thousand as of March 31, 2025, compared to $23,223 thousand at December 31, 2024, indicating a rise of 7.9%[22] - The provision for losses for March 2025 was $1,583 thousand, a decrease from $3,872 thousand in December 2024, indicating a reduction of 59.11%[36] - The total credit-related expense for March 2025 was $1,651 thousand, down from $3,872 thousand in December 2024, indicating a decrease of 57.40%[36] Segment Performance - Total outstanding business volume for Agricultural Finance as of March 31, 2025, was $19,983,878,000, down from $20,494,673,000 as of December 31, 2024[32] - Loans in the Power & Utilities segment increased to $3,020,475,000 as of March 31, 2025, from $2,886,576,000 as of December 31, 2024[32] - Segment core earnings for Agricultural Finance were $26,274,000 for the three months ended March 31, 2025[31] - The net effective spread for the agricultural finance segment was 1.01% for March 2025, compared to 0.96% for December 2024, showing an increase of 5.21%[34]