Farmer Mac Reports 2024 Results

Core Insights - Farmer Mac announced a 7% increase in its quarterly dividend, raising it to $1.50 per share, marking the fourteenth consecutive year of dividend increases [5][10] - The company reported an outstanding business volume of $29.5 billion as of December 31, 2024, reflecting strong operational performance [1][22] - Farmer Mac's net income attributable to common stockholders for the year ended December 31, 2024, was $180.4 million, an increase from $172.8 million in the previous year [10][24] Financial Performance - For the fiscal year 2024, net interest income grew by 8% year-over-year to $353.9 million, while net effective spread increased by 4% to $339.6 million [10][24] - Diluted earnings per share (EPS) rose by 24% year-over-year to $4.63, with core EPS showing a slight decline of 3% to $3.97 [4][10] - Total core capital reached $1.5 billion, with a Tier 1 Capital Ratio of 14.2% as of December 31, 2024 [10] Business Strategy and Outlook - The company expressed optimism about its future, citing strong liquidity, capital levels, and a diversified business mix as key strengths [2][21] - Farmer Mac aims to enhance the economic framework supporting Rural America, focusing on efficient, innovative, and profitable operations [2][21] Dividend Information - The quarterly dividend of $1.50 per share will be payable on March 31, 2025, to shareholders of record as of March 14, 2025 [5][6] - Preferred stock dividends were also declared for various classes, with specific amounts detailed for each series [6] Operational Highlights - Farmer Mac's total assets increased to $31.3 billion as of December 31, 2024, compared to $29.5 billion a year earlier [22][23] - The company maintained 264 days of liquidity as of the end of 2024, indicating a solid liquidity position [10]