– Remarkable Trade Quantity of $29.8 Billion –
WASHINGTON, Might 9, 2025 /PRNewswire/ — The Federal Agricultural Loan Company (Farmer Mac; NYSE: AGM and AGM.A), the population’s secondary marketplace supplier that will increase the accessibility of financing to grant necessary liquidity for American agriculture and rural infrastructure, these days introduced its effects for the fiscal quarter ended March 31, 2025.
“I’m pleased to report that we delivered another outstanding quarter, surpassing previous records in revenue, net effective spread, and core earnings,” stated Brad Nordholm, President and Prominent Govt Officer. “Our first quarter results reflect the strength of our long-term growth strategy and provide a solid foundation to navigate market volatility and evolving credit conditions. Our resilient business model—anchored by diversified revenue streams, a strong capital position, reliable access to markets, and disciplined asset-liability management—not only sets us apart but also enables us to stay focused on our mission while enhancing long-term shareholder returns.”
First Quarter 2025
- Supplied $1.8 billion in liquidity and lending capability to lenders serving rural The us
- Internet curiosity source of revenue grew 5% year-over-year to $90.9 million
- Internet efficient unfold1 greater 8% from the prior-year length to a file $90.0 million
- Internet source of revenue as a result of ordinary stockholders used to be $44.0 million
- Document core profits1 of $46.0 million, or $4.19 in keeping with diluted ordinary proportion, reflecting 6% expansion year-over-year
- Maintained robust capital place with whole core capital of $1.5 billion, exceeding the statutory requirement via 65% and a Tier 1 Capital Ratio of 13.9% as of March 31, 2025
- As of March 31, 2025, Farmer Mac had 289 days of liquidity
|
$ in 1000’s, apart from in keeping with |
Quarter Ended |
||||
|
March 31, |
December 31, |
March 31, |
Sequential % |
YoY % |
|
|
Internet Alternate in Trade Quantity |
$232,313 |
$1,054,727 |
$376,206 |
N/A |
N/A |
|
Internet Pastime Source of revenue (GAAP) |
$90,939 |
$93,368 |
$86,368 |
(3) % |
5 % |
|
Internet Efficient Unfold (Non-GAAP) |
$89,990 |
$87,528 |
$83,044 |
3 % |
8 % |
|
Diluted EPS (GAAP) |
$4.01 |
$4.63 |
$4.28 |
(13) % |
(6) % |
|
Core EPS (Non-GAAP) |
$4.19 |
$3.97 |
$3.96 |
6 % |
6 % |
Income Convention Name Knowledge
The convention name to speak about Farmer Mac’s first quarter 2025 monetary effects can be held starting at 8:30 a.m. jap week on Friday, Might 9, 2025, and will also be accessed via phone or are living webcast as follows:
Phone (Home): (800) 836-8184
Phone (World): (646) 357-8785
Webcast: https://www.farmermac.com/investors/events-presentations/
When dialing in to the decision, please ask for the “Farmer Mac Earnings Conference Call.” The decision will also be heard are living and can be to be had for replay on Farmer Mac’s site for one year following the belief of the decision.
Extra entire details about Farmer Mac’s efficiency for first quarter 2025 is in Farmer Mac’s Quarterly Record on Method 10-Q for the quarter ended March 31, 2025, filed these days with the SEC.
Virtue of Non-GAAP Measures
Within the accompanying research of its monetary data, Farmer Mac makes use of “non-GAAP measures,” which can be measures of economic efficiency that aren’t introduced based on GAAP. In particular, Farmer Mac makes use of refer to non-GAAP measures: “core earnings,” “core earnings per share,” and “net effective spread.” Farmer Mac makes use of those non-GAAP measures to measure company financial efficiency and create monetary plans as a result of, in control’s view, they’re helpful supplementary measures in figuring out Farmer Mac’s financial efficiency, transaction economics, and trade tendencies. The non-GAAP monetary measures that Farmer Mac makes use of might not be similar to in a similar way categorised non-GAAP monetary measures disclosed via alternative firms. Farmer Mac’s disclosure of those non-GAAP measures is meant to be supplemental in nature and isn’t intended to be thought to be in isolation from, as an alternative to, or as extra noteceable than, the homogeneous monetary data ready based on GAAP.
Core Income and Core Income In line with Proportion
The primary remaining between core profits and core profits in keeping with proportion (non-GAAP measures) and internet source of revenue as a result of ordinary stockholders and profits in keeping with ordinary proportion (GAAP measures) is that the ones non-GAAP measures exclude the results of truthful worth fluctuations. Those fluctuations aren’t anticipated to have a cumulative internet have an effect on on Farmer Mac’s monetary status or result of operations reported based on GAAP if the homogeneous monetary tools are held to adulthood, as is predicted. Some other remaining is that those two non-GAAP measures exclude specified rare or odd transactions that we imagine aren’t indicative of presen working effects and that would possibly not mirror the tendencies and financial monetary efficiency of Farmer Mac’s core trade. For instance, in 1/3 quarter 2024, we excluded the loss at the depart of the Line C Most well-liked Accumulation from core profits and core profits in keeping with proportion, which is in step with Farmer Mac’s historic remedy of any losses at the depart of most popular hold.
Internet Efficient Unfold
Farmer Mac makes use of internet efficient unfold to measure the web unfold Farmer Mac earns between its interest-earning property and the homogeneous internet investment prices of the ones property. As additional defined under, internet efficient unfold differs from internet curiosity source of revenue and internet curiosity submit via except positive pieces from internet curiosity source of revenue and internet curiosity submit and together with positive alternative pieces that internet curiosity source of revenue and internet curiosity submit don’t comprise.
Farmer Mac excludes from internet efficient unfold the curiosity source of revenue and curiosity expense related to the consolidated trusts and the common steadiness of the loans underlying those trusts to mirror control’s view that the web curiosity source of revenue Farmer Mac earns at the homogeneous Farmer Mac Assured Securities owned via 1/3 events is successfully a oath price. Accordingly, the excluded curiosity source of revenue and curiosity expense related to consolidated trusts is reclassified to oath and loyalty charges in figuring out Farmer Mac’s core profits. Farmer Mac additionally excludes from internet efficient unfold the truthful worth adjustments of economic derivatives and the corresponding property or liabilities designated in truthful worth hedge accounting relationships as a result of they aren’t anticipated to have an financial impact on Farmer Mac’s monetary efficiency, as we predict to store the monetary derivatives and corresponding hedged pieces to adulthood.
Internet efficient unfold additionally differs from internet curiosity source of revenue and internet curiosity submit as it contains the accrual of source of revenue and expense homogeneous to the contractual quantities due on monetary derivatives that aren’t designated in hedge accounting relationships (“undesignated financial derivatives”). Farmer Mac makes use of rate of interest swaps to govern its rate of interest possibility publicity via synthetically editing the rate of interest reset or adulthood traits of positive property and liabilities. The accrual of the contractual quantities due on rate of interest swaps designated in hedge accounting relationships is integrated as an adjustment to the submit or value of the hedged merchandise and is integrated in internet curiosity source of revenue. For undesignated monetary derivatives, Farmer Mac information the source of revenue or expense homogeneous to the accrual of the contractual quantities due in “(Losses)/gains on financial derivatives” at the consolidated statements of operations. Then again, the accrual of the contractual quantities due for undesignated monetary derivatives are integrated in Farmer Mac’s calculation of internet efficient unfold.
Internet efficient unfold additionally differs from internet curiosity source of revenue and internet curiosity submit as it contains the web results of terminations or internet settlements on monetary derivatives, which encompass: (1) the web results of money settlements on company ahead guarantees at the debt of alternative GSEs and U.S. Treasury safety futures that we virtue as temporary financial hedges at the issuance of debt; and (2) the web results of preliminary money bills that Farmer Mac receives upon the inception of positive swaps. The inclusion of these things in internet efficient unfold is meant to mirror our view of all the internet unfold between an asset and all of its homogeneous investment, together with any related derivatives, sooner or later they’re designated in a hedge accounting dating.
Extra details about Farmer Mac’s virtue of non-GAAP measures is to be had in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Farmer Mac’s Annual Record on Method 10-Okay for the yr ended December 31, 2024, filed February 21, 2025 with the SEC. For a reconciliation of Farmer Mac’s internet source of revenue as a result of ordinary stockholders to core profits and of profits in keeping with ordinary proportion to core profits in keeping with proportion, and internet curiosity source of revenue and internet curiosity submit to internet efficient unfold, see “Reconciliations” under.
Ahead-Having a look Statements
Control’s expectancies for Farmer Mac’s presen essentially contain suppositions, estimates, and the analysis of dangers and uncertainties. Diverse elements or occasions, each recognized and unknown, may motive Farmer Mac’s untouched effects to vary materially from the expectancies as expressed or implied via the forward-looking statements on this loose, together with uncertainties about:
- the supply to Farmer Mac of debt and fairness financing and, if to be had, the reasonableness of charges and phrases;
- legislative, regulatory, or political traits that would have an effect on Farmer Mac, its assets of industrial, or agricultural or infrastructure industries;
- fluctuations within the truthful worth of property held via Farmer Mac and its subsidiaries;
- the extent of lender curiosity in Farmer Mac’s merchandise and the secondary marketplace equipped via Farmer Mac;
- the overall price of expansion in agricultural loan and infrastructure indebtedness;
- the impact of financial statuses stemming from disruptive international occasions or in a different way on agricultural loan or infrastructure lending, borrower reimbursement capability, or collateral values, together with inflation, fluctuations in rates of interest, adjustments in U.S. business insurance policies (together with price lists and business restrictions), fluctuations in export call for for U.S. agricultural merchandise and foreign exchange alternate charges, provide chain disruptions, will increase in enter prices, exertions availability, and volatility in commodity costs;
- the level to which Farmer Mac is uncovered to rate of interest possibility attributable to fluctuations in Farmer Mac’s borrowing prices relative to marketplace indexes;
- traits within the monetary markets, together with imaginable investor, analyst, and score company reactions to occasions involving government-sponsored enterprises, together with Farmer Mac;
- the results of the Federal Stock’s efforts to reach financial coverage normalization to answer inflation and business ranges; and
- alternative elements that would obstruct agricultural loan lending or borrower reimbursement capability, together with the results of terrible climate, spillage and drought, or fluctuations in agricultural actual property values.
Alternative possibility elements are mentioned in “Risk Factors” in Section I, Merchandise 1A in Farmer Mac’s Annual Record on Method 10-Okay for the yr ended December 31, 2024, filed with the SEC on February 21, 2025. Taking into account those possible dangers and uncertainties, disagree undue reliance will have to be put on any forward-looking statements expressed on this loose. The forward-looking statements contained on this loose constitute control’s expectancies as of the hour of this loose. Farmer Mac undertakes disagree legal responsibility to loose publicly the result of revisions to any forward-looking statements integrated on this loose to mirror pristine data or any presen occasions or cases, apart from as in a different way required via appropriate regulation. The ideas on this loose isn’t essentially indicative of presen effects.
About Farmer Mac
Farmer Mac is pushed via its undertaking to extend the accessibility of financing to grant necessary liquidity for American agriculture and rural infrastructure. Our secondary marketplace supplies liquidity to our population’s agricultural and infrastructure companies, supporting a colourful and robust rural The us. We deal a large space of answers to assistance meet monetary establishments’ expansion, liquidity, possibility control, and capital bliss wishes throughout numerous markets, together with agriculture, agribusiness, broadband infrastructure, energy and utilities, and renewable power. We’re uniquely situated to facilitate aggressive get right of entry to to financing that fuels expansion, innovation, and prosperity in The us’s rural and agricultural communities. Extra details about Farmer Mac (together with the Annual Record on Method 10-Okay referenced above) is to be had on our site at www.farmermac.com.
|
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) |
|||
|
As of |
|||
|
March 31, 2025 |
December 31, 2024 |
||
|
(in 1000’s) |
|||
|
Property: |
|||
|
Money and money equivalents (contains limited money of $16,346 and $16,190, respectively) |
$ 1,048,135 |
$ 1,024,007 |
|
|
Funding securities: |
|||
|
To be had-for-sale, at truthful worth (amortized value of $6,329,188 and $6,105,116, respectively) |
6,230,080 |
5,953,014 |
|
|
Held-to-maturity, at amortized value |
9,125 |
9,270 |
|
|
Alternative investments |
13,281 |
11,017 |
|
|
General Funding Securities |
6,252,486 |
5,973,301 |
|
|
Farmer Mac Assured Securities: |
|||
|
To be had-for-sale, at truthful worth (amortized value of $5,859,630 and $5,835,658, respectively) |
5,623,384 |
5,514,546 |
|
|
Held-to-maturity, at amortized value |
2,451,407 |
2,717,688 |
|
|
General Farmer Mac Assured Securities |
8,074,791 |
8,232,234 |
|
|
USDA Securities: |
|||
|
Buying and selling, at truthful worth |
651 |
818 |
|
|
Held-to-maturity, at amortized value |
2,376,690 |
2,370,534 |
|
|
General USDA Securities |
2,377,341 |
2,371,352 |
|
|
Loans: |
|||
|
Loans held on the market, at decrease of value or truthful worth |
6,045 |
6,170 |
|
|
Loans held for funding, at amortized value |
11,636,815 |
11,183,408 |
|
|
Loans held for funding in consolidated trusts, at amortized value |
2,005,680 |
2,038,283 |
|
|
Allowance for losses |
(25,056) |
(23,223) |
|
|
General loans, internet of allowance |
13,623,484 |
13,204,638 |
|
|
Monetary derivatives, at truthful worth |
27,867 |
27,789 |
|
|
Accumulated curiosity receivable (contains $16,524 and $28,563, respectively, homogeneous to consolidated trusts) |
262,809 |
310,592 |
|
|
Contract and loyalty charges receivable |
49,888 |
50,499 |
|
|
Deferred tax asset, internet |
— |
1,544 |
|
|
Pay as you go bills and alternative property |
87,138 |
128,786 |
|
|
General Property |
$ 31,803,939 |
$ 31,324,742 |
|
|
Liabilities and Fairness: |
|||
|
Liabilities: |
|||
|
Notes payable |
$ 27,975,196 |
$ 27,371,174 |
|
|
Debt securities of consolidated trusts held via 1/3 events |
1,894,920 |
1,929,628 |
|
|
Monetary derivatives, at truthful worth |
63,389 |
77,326 |
|
|
Accumulated curiosity payable (contains $9,281 and $12,387, respectively, homogeneous to consolidated trusts) |
221,954 |
195,113 |
|
|
Contract and loyalty legal responsibility |
47,679 |
48,326 |
|
|
Accounts payable and amassed bills |
71,232 |
212,527 |
|
|
Deferred tax legal responsibility, internet |
2,402 |
— |
|
|
Stock for losses |
1,521 |
1,622 |
|
|
General Liabilities |
30,278,293 |
29,835,716 |
|
|
Loyalty and Contingencies |
|||
|
Fairness: |
|||
|
Most well-liked hold: |
|||
|
Line D, par worth $25 in keeping with proportion, 4,000,000 stocks licensed, issued and exceptional |
96,659 |
96,659 |
|
|
Line E, par worth $25 in keeping with proportion, 3,180,000 stocks licensed, issued and exceptional |
77,003 |
77,003 |
|
|
Line F, par worth $25 in keeping with proportion, 4,800,000 stocks licensed, issued and exceptional |
116,160 |
116,160 |
|
|
Line G, par worth $25 in keeping with proportion, 5,000,000 stocks licensed, issued and exceptional |
121,327 |
121,327 |
|
|
Regular hold: |
|||
|
Elegance A Vote casting, $1 par worth, disagree most authorization, 1,030,780 stocks exceptional |
1,031 |
1,031 |
|
|
Elegance B Vote casting, $1 par worth, disagree most authorization, 500,301 stocks exceptional |
500 |
500 |
|
|
Elegance C Non-Vote casting, $1 par worth, disagree most authorization, 9,401,649 stocks and 9,360,083 stocks |
9,402 |
9,360 |
|
|
Extra paid-in capital |
134,500 |
135,894 |
|
|
Gathered alternative complete loss, internet of tax |
(1,808) |
(12,147) |
|
|
Retained profits |
970,872 |
943,239 |
|
|
General Fairness |
1,525,646 |
1,489,026 |
|
|
General Liabilities and Fairness |
$ 31,803,939 |
$ 31,324,742 |
|
|
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||
|
For the 3 Months Ended |
|||
|
March 31, 2025 |
March 31, 2024 |
||
|
(in 1000’s, apart from in keeping with proportion quantities) |
|||
|
Pastime source of revenue: |
|||
|
Investments and money equivalents |
$ 83,308 |
$ 84,924 |
|
|
Farmer Mac Assured Securities and USDA Securities |
126,342 |
166,813 |
|
|
Loans |
171,764 |
144,580 |
|
|
General curiosity source of revenue |
381,414 |
396,317 |
|
|
General curiosity expense |
290,475 |
309,949 |
|
|
Internet curiosity source of revenue |
90,939 |
86,368 |
|
|
(Provision for)/loose of losses |
(1,684) |
1,801 |
|
|
Internet curiosity source of revenue later (provision for)/loose of losses |
89,255 |
88,169 |
|
|
Non-interest source of revenue/(expense): |
|||
|
Contract and loyalty charges |
4,479 |
3,917 |
|
|
(Losses)/positive aspects on monetary derivatives |
(2,636) |
2,079 |
|
|
Let go of store for losses |
101 |
69 |
|
|
Alternative source of revenue |
1,436 |
1,249 |
|
|
Non-interest source of revenue |
3,380 |
7,314 |
|
|
Running bills: |
|||
|
Reimbursement and worker advantages |
17,752 |
18,257 |
|
|
Common and administrative |
10,758 |
8,255 |
|
|
Regulatory charges |
1,000 |
725 |
|
|
Running bills |
29,510 |
27,237 |
|
|
Source of revenue prior to source of revenue taxes |
63,125 |
68,246 |
|
|
Source of revenue tax expense |
13,474 |
14,500 |
|
|
Internet source of revenue |
49,651 |
53,746 |
|
|
Most well-liked hold dividends |
(5,666) |
(6,791) |
|
|
Internet source of revenue as a result of ordinary stockholders |
$ 43,985 |
$ 46,955 |
|
|
Income in keeping with ordinary proportion: |
|||
|
Modest profits in keeping with ordinary proportion |
$ 4.04 |
$ 4.33 |
|
|
Diluted profits in keeping with ordinary proportion |
$ 4.01 |
$ 4.28 |
|
Reconciliations
Reconciliations of Farmer Mac’s internet source of revenue as a result of ordinary stockholders to core profits and core profits in keeping with proportion are introduced in refer to tables in conjunction with details about the composition of core profits for the classes indicated:
|
Reconciliation of Internet Source of revenue Resulting from Regular Stockholders to Core Income |
|||||
|
For the 3 Months Ended |
|||||
|
March 31, 2025 |
December 31, 2024 |
March 31, 2024 |
|||
|
(in 1000’s, apart from in keeping with proportion quantities) |
|||||
|
Internet source of revenue as a result of ordinary stockholders |
$ 43,985 |
$ 50,848 |
$ 46,955 |
||
|
Much less reconciling pieces: |
|||||
|
(Losses)/positive aspects on undesignated monetary derivatives because of truthful worth |
(2,573) |
3,084 |
1,683 |
||
|
Positive aspects on hedging actions because of truthful worth adjustments |
1,099 |
5,737 |
3,002 |
||
|
Unrealized positive aspects/(losses) on buying and selling property |
9 |
(83) |
(14) |
||
|
Internet results of amortization of premiums/reductions and deferred positive aspects |
28 |
(39) |
31 |
||
|
Internet results of terminations or internet settlements on monetary derivatives |
(1,070) |
534 |
(192) |
||
|
Source of revenue tax impact homogeneous to reconciling pieces |
526 |
(1,939) |
(947) |
||
|
Sub-total |
(1,981) |
7,294 |
3,563 |
||
|
Core profits |
$ 45,966 |
$ 43,554 |
$ 43,392 |
||
|
Composition of Core Income: |
|||||
|
Revenues: |
|||||
|
Internet efficient unfold(1) |
$ 89,990 |
$ 87,528 |
$ 83,044 |
||
|
Contract and loyalty charges(2) |
5,488 |
5,086 |
4,982 |
||
|
Alternative(3) |
1,315 |
(491) |
1,077 |
||
|
General revenues |
96,793 |
92,123 |
89,103 |
||
|
Credit score homogeneous expense/(source of revenue) (GAAP): |
|||||
|
Provision for/(loose of) losses |
1,583 |
3,872 |
(1,870) |
||
|
Loss on sale of REO |
68 |
— |
— |
||
|
General credit score homogeneous expense/(source of revenue) |
1,651 |
3,872 |
(1,870) |
||
|
Running bills (GAAP): |
|||||
|
Reimbursement and worker advantages |
17,752 |
15,641 |
18,257 |
||
|
Common and administrative |
10,758 |
12,452 |
8,255 |
||
|
Regulatory charges |
1,000 |
1,000 |
725 |
||
|
General working bills |
29,510 |
29,093 |
27,237 |
||
|
Internet profits |
65,632 |
59,158 |
63,736 |
||
|
Source of revenue tax expense(4) |
14,000 |
9,938 |
13,553 |
||
|
Most well-liked hold dividends (GAAP) |
5,666 |
5,666 |
6,791 |
||
|
Core profits |
$ 45,966 |
$ 43,554 |
$ 43,392 |
||
|
Core profits in keeping with proportion: |
|||||
|
Modest |
$ 4.22 |
$ 4.00 |
$ 4.00 |
||
|
Diluted |
$ 4.19 |
$ 3.97 |
$ 3.96 |
||
|
(1) |
Internet efficient unfold is a non-GAAP measure. See “Use of Non-GAAP Measures” above for a proof of internet efficient unfold. See under for a reconciliation of internet curiosity source of revenue to internet efficient unfold. |
|
(2) |
Contains curiosity source of revenue and curiosity expense homogeneous to consolidated trusts owned via 1/3 events reclassified from internet curiosity source of revenue to oath and loyalty charges to mirror control’s view that the web curiosity source of revenue Farmer Mac earns is successfully a oath price at the consolidated Farmer Mac Assured Securities. |
|
(3) |
Displays reconciling changes for the reclassification to exclude bills homogeneous to rate of interest swaps now not designated as hedges and terminations or internet settlements on monetary derivatives, and reconciling changes to exclude truthful worth changes on monetary derivatives and buying and selling property and the popularity of deferred positive aspects over the estimated lives of positive Farmer Mac Assured Securities and USDA Securities. |
|
(4) |
Contains the tax have an effect on of non-GAAP reconciling pieces between internet source of revenue as a result of ordinary stockholders and core profits. |
|
Reconciliation of GAAP Modest Income In line with Proportion to Core Income Modest Income In line with Proportion |
|||||
|
For the 3 Months Ended |
|||||
|
March 31, 2025 |
December 31, 2024 |
March 31, 2024 |
|||
|
(in 1000’s, apart from in keeping with proportion quantities) |
|||||
|
GAAP – Modest EPS |
$ 4.04 |
$ 4.67 |
$ 4.33 |
||
|
Much less reconciling pieces: |
|||||
|
(Losses)/positive aspects on undesignated monetary derivatives because of truthful worth |
(0.23) |
0.28 |
0.16 |
||
|
Positive aspects on hedging actions because of truthful worth adjustments |
0.10 |
0.53 |
0.28 |
||
|
Unrealized (losses)/positive aspects on buying and selling securities |
— |
(0.01) |
— |
||
|
Internet results of amortization of premiums/reductions and deferred positive aspects on |
— |
— |
— |
||
|
Internet results of terminations or internet settlements on monetary derivatives |
(0.10) |
0.05 |
(0.02) |
||
|
Source of revenue tax impact homogeneous to reconciling pieces |
0.05 |
(0.18) |
(0.09) |
||
|
Sub-total |
(0.18) |
0.67 |
0.33 |
||
|
Core Income – Modest EPS |
$ 4.22 |
$ 4.00 |
$ 4.00 |
||
|
Stocks worn in in keeping with proportion calculation (GAAP and Core Income) |
10,896 |
10,889 |
10,847 |
||
|
Reconciliation of GAAP Diluted Income In line with Proportion to Core Income Diluted Income In line with Proportion |
|||||
|
For the 3 Months Ended |
|||||
|
March 31, 2025 |
December 31, 2024 |
March 31, 2024 |
|||
|
(in 1000’s, apart from in keeping with proportion quantities) |
|||||
|
GAAP – Diluted EPS |
$ 4.01 |
$ 4.63 |
$ 4.28 |
||
|
Much less reconciling pieces: |
|||||
|
(Losses)/positive aspects on undesignated monetary derivatives because of truthful worth |
(0.23) |
0.28 |
0.15 |
||
|
Positive aspects on hedging actions because of truthful worth adjustments |
0.10 |
0.52 |
0.28 |
||
|
Unrealized (losses)/positive aspects on buying and selling securities |
— |
(0.01) |
— |
||
|
Internet results of amortization of premiums/reductions and deferred positive aspects on |
— |
— |
— |
||
|
Internet results of terminations or internet settlements on monetary derivatives |
(0.10) |
0.05 |
(0.02) |
||
|
Source of revenue tax impact homogeneous to reconciling pieces |
0.05 |
(0.18) |
(0.09) |
||
|
Sub-total |
(0.18) |
0.66 |
0.32 |
||
|
Core Income – Diluted EPS |
$ 4.19 |
$ 3.97 |
$ 3.96 |
||
|
Stocks worn in in keeping with proportion calculation (GAAP and Core Income) |
10,983 |
10,982 |
10,969 |
||
Refer to desk items a reconciliation of internet curiosity source of revenue and internet submit to internet efficient unfold for the classes indicated:
|
Reconciliation of GAAP Internet Pastime Source of revenue/Handover to Internet Efficient Unfold |
|||||||||||
|
For the 3 Months Ended |
|||||||||||
|
March 31, 2025 |
December 31, 2024 |
March 31, 2024 |
|||||||||
|
Bucks |
Handover |
Bucks |
Handover |
Bucks |
Handover |
||||||
|
(greenbacks in 1000’s) |
|||||||||||
|
Internet curiosity source of revenue/submit |
$ 90,939 |
1.15 % |
$ 93,368 |
1.21 % |
$ 86,368 |
1.15 % |
|||||
|
Internet results of consolidated trusts |
(1,010) |
0.02 % |
(989) |
0.02 % |
(1,052) |
0.02 % |
|||||
|
Expense homogeneous to undesignated monetary derivatives |
318 |
— % |
2 |
— % |
(34) |
— % |
|||||
|
Amortization of premiums/reductions on property consolidated at |
(25) |
— % |
42 |
— % |
(27) |
— % |
|||||
|
Amortization of losses because of terminations or internet settlements on |
867 |
0.01 % |
842 |
0.01 % |
791 |
0.01 % |
|||||
|
Truthful worth adjustments on truthful worth hedge relationships |
(1,099) |
(0.01) % |
(5,737) |
(0.08) % |
(3,002) |
(0.04) % |
|||||
|
Internet efficient unfold |
$ 89,990 |
1.17 % |
$ 87,528 |
1.16 % |
$ 83,044 |
1.14 % |
|||||
Refer to desk items core profits for Farmer Mac’s reportable working departments and a reconciliation to consolidated internet source of revenue for the 3 months ended March 31, 2025:
|
Core Income via Trade Section |
|||||||||||||||
|
For the 3 Months Ended March 31, 2025 |
|||||||||||||||
|
Agricultural Finance |
Infrastructure Finance |
Treasury |
|||||||||||||
|
Farm & |
Company |
Energy & Utilities |
Broadband |
Renewable |
Investment |
Investments |
General |
||||||||
|
(in 1000’s) |
|||||||||||||||
|
Pastime source of revenue |
$ 149,681 |
$ 25,122 |
$ 64,995 |
$ 10,833 |
$ 20,315 |
$ 32,978 |
$ 77,490 |
$ 381,414 |
|||||||
|
Pastime expense(1) |
(114,789) |
(16,482) |
(59,638) |
(7,267) |
(15,203) |
(1,460) |
(75,636) |
(290,475) |
|||||||
|
Much less: reconciling changes(2)(3) |
(1,007) |
— |
(28) |
— |
— |
86 |
— |
(949) |
|||||||
|
Internet efficient unfold |
33,885 |
8,640 |
5,329 |
3,566 |
5,112 |
31,604 |
1,854 |
89,990 |
|||||||
|
Contract and loyalty charges(3) |
4,551 |
197 |
221 |
336 |
183 |
— |
— |
5,488 |
|||||||
|
Alternative source of revenue/(expense) |
1,222 |
— |
— |
— |
— |
— |
22 |
1,244 |
|||||||
|
Let go of/(provision for) losses |
193 |
(828) |
(77) |
229 |
(1,100) |
— |
— |
(1,583) |
|||||||
|
Running bills(1) |
(6,595) |
(2,133) |
(1,123) |
(1,052) |
(1,708) |
(2,800) |
(823) |
(16,234) |
|||||||
|
Source of revenue tax (expense)/get advantages |
(6,982) |
(1,235) |
(913) |
(647) |
(522) |
(6,049) |
(221) |
(16,569) |
|||||||
|
Section core profits |
$ 26,274 |
$ 4,641 |
$ 3,437 |
$ 2,432 |
$ 1,965 |
$ 22,755 |
$ 832 |
$ 62,336 |
|||||||
|
Reconciliation to internet source of revenue: |
|||||||||||||||
|
Internet results of derivatives and |
$ (2,535) |
||||||||||||||
|
Unallocated (bills)/source of revenue |
(13,245) |
||||||||||||||
|
Source of revenue tax impact homogeneous to |
3,095 |
||||||||||||||
|
Internet source of revenue |
$ 49,651 |
||||||||||||||
|
General Property: |
|||||||||||||||
|
General on- and off-balance sheet |
$ 18,094,515 |
$ 1,889,363 |
$ 7,187,966 |
$ 974,835 |
$ 1,608,664 |
$ — |
$ — |
$ 29,755,343 |
|||||||
|
Off-balance sheet property below |
(5,071,733) |
||||||||||||||
|
Unallocated property |
7,120,329 |
||||||||||||||
|
General property at the consolidated |
$ 31,803,939 |
||||||||||||||
|
(1) |
The numerous expense sections and quantities align with the segment-level data this is continuously equipped to the Prominent Running Resolution Maker (“CODM”) . |
|
(2) |
Contains the amortization of premiums and reductions on property consolidated at truthful worth, at the start integrated in curiosity source of revenue, to mirror core profits quantities; the reclassification of curiosity expense homogeneous to rate of interest swaps now not designated as hedges, which can be integrated in “(Losses)/gains on financial derivatives” at the consolidated monetary statements, to resolve the efficient investment value for every working phase; and excludes the truthful worth adjustments of economic derivatives and the corresponding property or liabilities designated in truthful worth hedge accounting relationships. |
|
(3) |
Contains the reclassification of curiosity source of revenue and curiosity expense from consolidated trusts owned via 1/3 events to oath and loyalty charges, to mirror control’s view that the web curiosity source of revenue Farmer Mac earns is successfully a oath price. |
Supplemental Knowledge
Refer to desk units forth details about exceptional quantity in every of Farmer Mac’s strains of industrial as of the dates indicated:
|
Remarkable Trade Quantity |
||||||
|
On or Off |
As of March 31, 2025 |
As of December 31, 2024 |
||||
|
(in 1000’s) |
||||||
|
Agricultural Finance: |
||||||
|
Farm & Ranch: |
||||||
|
Loans |
On-balance sheet |
$ 5,501,067 |
$ 5,414,732 |
|||
|
Loans held in consolidated trusts: |
||||||
|
Really helpful pursuits owned via third-party traders |
On-balance sheet |
884,234 |
885,295 |
|||
|
Really helpful pursuits owned via third-party traders |
On-balance sheet |
1,121,446 |
1,152,988 |
|||
|
IO-FMGS(2) |
On-balance sheet |
8,537 |
8,710 |
|||
|
USDA Securities |
On-balance sheet |
2,408,857 |
2,402,423 |
|||
|
AgVantage Securities(1) |
On-balance sheet |
4,215,000 |
4,720,000 |
|||
|
LTSPCs and unfunded mortgage constancy |
Off-balance sheet |
3,030,360 |
3,070,554 |
|||
|
Alternative Farmer Mac Assured Securities(3) |
Off-balance sheet |
414,291 |
426,310 |
|||
|
Loans serviced for others |
Off-balance sheet |
510,723 |
525,956 |
|||
|
General Farm & Ranch |
$ 18,094,515 |
$ 18,606,968 |
||||
|
Company AgFinance: |
||||||
|
Loans |
On-balance sheet |
$ 1,371,202 |
$ 1,381,674 |
|||
|
AgVantage Securities(1) |
On-balance sheet |
267,728 |
280,297 |
|||
|
Unfunded mortgage constancy |
Off-balance sheet |
250,433 |
225,734 |
|||
|
General Company AgFinance |
$ 1,889,363 |
$ 1,887,705 |
||||
|
General Agricultural Finance |
$ 19,983,878 |
$ 20,494,673 |
||||
|
Infrastructure Finance: |
||||||
|
Energy & Utilities: |
||||||
|
Loans |
On-balance sheet |
$ 3,020,475 |
$ 2,886,576 |
|||
|
AgVantage Securities(1) |
On-balance sheet |
3,796,549 |
3,521,143 |
|||
|
LTSPCs and unfunded mortgage constancy |
Off-balance sheet |
370,942 |
401,647 |
|||
|
General Energy & Utilities |
$ 7,187,966 |
$ 6,809,366 |
||||
|
Broadband Infrastructure: |
||||||
|
Loans |
On-balance sheet |
$ 657,836 |
$ 622,207 |
|||
|
Unfunded mortgage constancy |
Off-balance sheet |
316,999 |
180,259 |
|||
|
General Broadband Infrastructure |
$ 974,835 |
$ 802,466 |
||||
|
Renewable Power: |
||||||
|
Loans |
On-balance sheet |
$ 1,430,679 |
$ 1,265,700 |
|||
|
Unfunded mortgage constancy |
Off-balance sheet |
177,985 |
150,825 |
|||
|
General Renewable Power |
$ 1,608,664 |
$ 1,416,525 |
||||
|
General Infrastructure Finance |
$ 9,771,465 |
$ 9,028,357 |
||||
|
General |
$ 29,755,343 |
$ 29,523,030 |
||||
|
(1) |
One of those Farmer Mac Assured Safety. |
|
(2) |
An interest-only Farmer Mac Assured Safety retained as a part of a structured securitization. |
|
(3) |
Alternative sections of Farmer Mac Assured Securities that had been bought via Farmer Mac to 3rd events |
Refer to desk items the quarterly internet efficient unfold (a non-GAAP measure) via phase:
|
Internet Efficient Unfold |
|||||||||||||||
|
Agricultural Finance |
Infrastructure Finance |
Treasury |
|||||||||||||
|
Farm & Ranch |
Company |
Energy & |
Broadband |
Renewable |
Investment |
Investments |
Internet Efficient |
||||||||
|
Bucks Handover |
Bucks Handover |
Bucks Handover |
Bucks Handover |
Bucks Handover |
Bucks Handover |
Bucks Handover |
Bucks Handover |
||||||||
|
(greenbacks in 1000’s) |
|||||||||||||||
|
For the quarter ended: |
|||||||||||||||
|
March 31, 2025 |
$ 33,885 |
$ 8,640 |
$ 5,329 |
$ 3,566 |
$ 5,112 |
$ 31,604 |
$ 1,854 |
$ 89,990 |
|||||||
|
1.01 % |
2.09 % |
0.32 % |
2.27 % |
1.55 % |
0.41 % |
0.10 % |
1.17 % |
||||||||
|
December 31, 2024 |
32,556 |
7,891 |
5,059 |
3,414 |
4,859 |
31,242 |
2,507 |
87,528 |
|||||||
|
0.96 % |
1.95 % |
0.32 % |
2.34 % |
1.76 % |
0.42 % |
0.15 % |
1.16 % |
||||||||
|
September 30, 2024 |
35,755 |
6,397 |
4,785 |
2,794 |
3,810 |
30,912 |
943 |
85,396 |
|||||||
|
1.05 % |
1.56 % |
0.30 % |
2.21 % |
1.78 % |
0.42 % |
0.05 % |
1.16 % |
||||||||
|
June 30, 2024 |
34,156 |
7,866 |
5,253 |
2,393 |
2,999 |
30,268 |
661 |
83,596 |
|||||||
|
0.98 % |
1.91 % |
0.32 % |
2.16 % |
1.86 % |
0.41 % |
0.04 % |
1.14 % |
||||||||
|
March 31, 2024 |
32,843 |
7,971 |
4,890 |
2,342 |
2,049 |
32,474 |
475 |
83,044 |
|||||||
|
0.95 % |
2.05 % |
0.30 % |
2.08 % |
1.75 % |
0.45 % |
0.03 % |
1.14 % |
||||||||
|
December 31, 2023 |
33,329 |
8,382 |
4,916 |
2,426 |
1,540 |
33,361 |
597 |
84,551 |
|||||||
|
0.98 % |
2.06 % |
0.31 % |
2.06 % |
1.69 % |
0.47 % |
0.04 % |
1.19 % |
||||||||
|
September 30, 2023 |
32,718 |
8,250 |
3,979 |
2,383 |
1,150 |
34,412 |
532 |
83,424 |
|||||||
|
0.97 % |
2.05 % |
0.26 % |
2.15 % |
1.46 % |
0.49 % |
0.04 % |
1.20 % |
||||||||
|
June 30, 2023 |
34,388 |
7,444 |
3,681 |
2,127 |
1,100 |
32,498 |
594 |
81,832 |
|||||||
|
1.03 % |
1.92 % |
0.25 % |
2.25 % |
1.47 % |
0.48 % |
0.04 % |
1.20 % |
||||||||
|
March 31, 2023 |
32,465 |
7,148 |
3,599 |
1,908 |
858 |
31,738 |
(543) |
77,173 |
|||||||
|
0.97 % |
1.94 % |
0.24 % |
2.53 % |
1.53 % |
0.47 % |
(0.04) % |
1.15 % |
||||||||
Refer to desk items quarterly core profits reconciled to internet source of revenue as a result of ordinary stockholders:
|
Core Income via Quarter Ended |
|||||||||||||||||
|
March |
December |
September |
June |
March |
December |
September |
June |
March |
|||||||||
|
(in 1000’s) |
|||||||||||||||||
|
Revenues: |
|||||||||||||||||
|
Internet efficient unfold |
$ 89,990 |
$ 87,528 |
$ 85,396 |
$ 83,596 |
$ 83,044 |
$ 84,551 |
$ 83,424 |
$ 81,832 |
$ 77,173 |
||||||||
|
Contract and loyalty charges |
5,488 |
5,086 |
4,997 |
5,256 |
4,982 |
4,865 |
4,828 |
4,581 |
4,654 |
||||||||
|
Achieve on sale of funding securities |
— |
— |
— |
1,052 |
— |
— |
— |
— |
— |
||||||||
|
Loss on sale of loan mortgage |
— |
— |
— |
(1,147) |
— |
— |
— |
— |
— |
||||||||
|
Alternative |
1,315 |
(491) |
1,133 |
481 |
1,077 |
767 |
1,056 |
409 |
1,067 |
||||||||
|
General revenues |
96,793 |
92,123 |
91,526 |
89,238 |
89,103 |
90,183 |
89,308 |
86,822 |
82,894 |
||||||||
|
Credit score homogeneous expense/(source of revenue): |
|||||||||||||||||
|
Provision for/(loose of) losses |
1,583 |
3,872 |
3,258 |
6,230 |
(1,870) |
(575) |
(181) |
1,142 |
750 |
||||||||
|
REO working bills |
— |
— |
196 |
— |
— |
— |
— |
— |
— |
||||||||
|
Losses on sale of REO |
68 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||
|
General credit score homogeneous expense/(source of revenue) |
1,651 |
3,872 |
3,454 |
6,230 |
(1,870) |
(575) |
(181) |
1,142 |
750 |
||||||||
|
Running bills: |
|||||||||||||||||
|
Reimbursement and worker advantages |
17,752 |
15,641 |
15,237 |
14,840 |
18,257 |
15,523 |
14,103 |
13,937 |
15,351 |
||||||||
|
Common and administrative |
10,758 |
12,452 |
8,625 |
8,904 |
8,255 |
8,916 |
9,100 |
9,420 |
7,527 |
||||||||
|
Regulatory charges |
1,000 |
1,000 |
725 |
725 |
725 |
725 |
831 |
831 |
835 |
||||||||
|
General working bills |
29,510 |
29,093 |
24,587 |
24,469 |
27,237 |
25,164 |
24,034 |
24,188 |
23,713 |
||||||||
|
Internet profits |
65,632 |
59,158 |
63,485 |
58,539 |
63,736 |
65,594 |
65,455 |
61,492 |
58,431 |
||||||||
|
Source of revenue tax expense |
14,000 |
9,938 |
12,681 |
11,970 |
13,553 |
13,881 |
13,475 |
12,539 |
12,756 |
||||||||
|
Most well-liked hold dividends |
5,666 |
5,666 |
5,897 |
6,792 |
6,791 |
6,791 |
6,792 |
6,791 |
6,791 |
||||||||
|
Core profits |
$ 45,966 |
$ 43,554 |
$ 44,907 |
$ 39,777 |
$ 43,392 |
$ 44,922 |
$ 45,188 |
$ 42,162 |
$ 38,884 |
||||||||
|
Reconciling pieces: |
|||||||||||||||||
|
(Losses)/positive aspects on undesignated |
$ (2,573) |
$ 3,084 |
$ (1,064) |
$ (359) |
$ 1,683 |
$ (836) |
$ 2,921 |
$ 2,141 |
$ 916 |
||||||||
|
Positive aspects/(losses) on hedging actions |
1,099 |
5,737 |
205 |
2,604 |
3,002 |
(3,598) |
3,210 |
(4,901) |
(105) |
||||||||
|
Unrealized positive aspects/(losses) on buying and selling |
9 |
(83) |
99 |
(87) |
(14) |
(37) |
1,714 |
(57) |
359 |
||||||||
|
Internet results of amortization of |
28 |
(39) |
27 |
26 |
31 |
88 |
29 |
29 |
29 |
||||||||
|
Internet results of terminations or internet |
(1,070) |
534 |
(503) |
(1,505) |
(192) |
(800) |
(79) |
583 |
523 |
||||||||
|
Issuance prices at the depart of |
— |
— |
(1,619) |
— |
— |
— |
— |
— |
— |
||||||||
|
Source of revenue tax impact homogeneous to reconciling |
526 |
(1,939) |
260 |
(143) |
(947) |
1,089 |
(1,638) |
464 |
(362) |
||||||||
|
Internet source of revenue as a result of ordinary |
$ 43,985 |
$ 50,848 |
$ 42,312 |
$ 40,313 |
$ 46,955 |
$ 40,828 |
$ 51,345 |
$ 40,421 |
$ 40,244 |
||||||||
SOURCE Farmer Mac
