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 interest income grew by 8% year-over-year to $353.9 million, while net income attributable to common stockholders increased to $180.4 million, up from $172.8 million in the previous year [10][24] Financial Performance - For the fiscal year ended December 31, 2024, net interest income was $353.9 million, an increase of 8% from $327.5 million in 2023 [10][24] - The diluted earnings per share (EPS) rose by 24% year-over-year to $4.63, compared to $3.73 in the same quarter of the previous year [10][24] - Core earnings for the year were reported at $171.6 million, or $15.64 per diluted common share, showing stability compared to the previous year [10][29] Business Strategy and Outlook - The company expressed optimism about its future, citing strong liquidity, capital levels, and effective risk management practices as key components of its strategy moving into 2025 [2][21] - Farmer Mac aims to enhance the economic framework supporting rural America, focusing on 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][10] - The increase in dividends is supported by the company's earnings potential and overall capital position [5][10] Balance Sheet Highlights - As of December 31, 2024, total assets amounted to $31.3 billion, up from $29.5 billion in 2023, indicating growth in the company's financial position [22][23] - Total equity increased to $1.5 billion, reflecting a solid capital base for future operations [22][23]
Farmer Mac Reports 2024 Results