Financial Performance - Outstanding business volume reached $31.1 billion for the third quarter of 2025, reflecting strong growth momentum[1] - Net interest income increased by 13% year-over-year to $98.5 million, up from $86.8 million in the same quarter last year[5] - Core earnings reached $49.6 million, or $4.52 per diluted common share, representing a 10% growth year-over-year[5] - Net income attributable to common stockholders for the three months ended September 30, 2025, was $48,700 thousand, a 15.4% increase from $42,312 thousand in the same period of 2024[22] - Basic earnings per common share rose to $4.45 for the three months ended September 30, 2025, compared to $3.89 for the same period in 2024, reflecting a growth of 14.4%[22] - Total revenues for the nine months ended September 30, 2025, reached $302,388,000, compared to $269,867,000 for the same period in 2024, indicating a year-over-year increase of about 11.4%[26] - Core earnings for the nine months ended September 30, 2025, were $142,953,000, up from $128,076,000 in 2024, reflecting a growth of approximately 11.6%[26] - The diluted core earnings per share for the nine months ended September 30, 2025, were $13.03, up from $11.69 in 2024, indicating a growth of approximately 11.4%[29] Asset and Liability Management - Total assets increased to $33,379,560 thousand as of September 30, 2025, up from $31,324,742 thousand at December 31, 2024, representing a growth of 6.56%[20] - Total liabilities increased to $31,692,477 thousand as of September 30, 2025, from $29,835,716 thousand at December 31, 2024, reflecting a growth of 6.2%[20] - Total equity rose to $1,687,083 thousand as of September 30, 2025, compared to $1,489,026 thousand at December 31, 2024, an increase of 13.3%[20] Capital and Liquidity - The company maintained a strong capital position with total core capital of $1.7 billion, exceeding statutory requirements by 75%[5] - As of September 30, 2025, Farmer Mac had 317 days of liquidity available[5] - Issued $100 million of Tier 1 capital through a public offering of 6.500% Series H non-cumulative preferred stock[5] - The company provided $2.5 billion in liquidity and lending capacity to lenders serving rural America[5] Credit and Provision for Losses - Provision for losses for the three months ended September 30, 2025, was $7,477 thousand, compared to $3,428 thousand for the same period in 2024, indicating an increase of 118.5%[22] - The provision for losses for the nine months ended September 30, 2025, was $16,828,000, significantly higher than $7,618,000 in 2024, indicating an increase of approximately 121.5%[26] - The total credit-related expense for the nine months ended September 30, 2025, was $16,957,000, compared to $7,814,000 in 2024, indicating an increase of approximately 117.4%[26] Segment Performance - For the three months ended September 30, 2025, total core earnings amounted to $63,353,000, with segment contributions from Agricultural Finance at $23,481,000 and Infrastructure Finance at $39,872,000[31] - Outstanding business volume in Agricultural Finance as of September 30, 2025, was $20,109,983,000, a decrease from $20,494,673,000 as of December 31, 2024[32] - Loans in the Power & Utilities segment increased to $3,337,176,000 from $2,886,576,000, reflecting a growth of approximately 15.6%[32] - Total Infrastructure Finance volume rose to $11,009,179,000, compared to $9,028,357,000, indicating a growth of about 22%[32] - The total Farm & Ranch loans on-balance sheet were $5,915,220,000, up from $5,414,732,000, representing an increase of approximately 9.2%[32] Future Outlook and Risks - Management expressed confidence in the overall health of the portfolio, supported by a diversified approach across commodities and geographies[3] - Future expectations involve risks related to economic conditions, interest rate fluctuations, and agricultural market dynamics[16]
Federal Agricultural Mortgage (AGM_A) - 2025 Q3 - Quarterly Results