- Outstanding Business Volume of $24.2 Billion -
WASHINGTON, May 9, 2022
/PRNewswire/ -- The Federal Agricultural Mortgage Corporation
(Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market
provider that increases the availability and affordability of
credit for the benefit of rural America, today announced its
results for the fiscal quarter ended March 31, 2022.
First Quarter 2022 Highlights
- Added $3.0 billion of gross
business volume, resulting in net growth of $628.9 million
- Net interest income grew $8.6
million year-over-year to $61.9
million
- Net effective spread1 increased 7% from the
prior-year period to $57.8 million
and remained 0.97% of the overall portfolio
- Net income of $41.0 million
compared to $28.0 million in first
quarter 2021
- Core earnings1 of $25.8
million, or $2.37 per diluted
common share
- On March 30, 2022, the President
of the United States designated
Lowell L. Junkins as Chair of Farmer
Mac's Board of Direct
"We are pleased with the consistent results for the first
quarter as we continued to successfully execute against our
multi-year growth plan," said Brad
Nordholm, President & Chief Executive Officer. "Our
performance this quarter is particularly noteworthy given the
current volatility in the credit markets, inflationary pressures,
and the overall rate environment. Our portfolio remained strong and
credit performance was stable-to-improving, with 90-day
delinquencies and other important credit metrics improving compared
to a year ago. We are carefully monitoring the challenging
environment for many farmers and ranchers who are managing
unprecedented increases in input costs and high volatility in
agricultural commodity prices. Despite the related geopolitical
challenges, which are having significant impacts across various
parts of the economy and certain credit markets, we are well
positioned to fulfill our mission, and feel confident about our
ability to navigate the current environment and continue to pursue
growth opportunities."
$ in thousands,
except per share amounts
|
Quarter
Ended
|
Mar. 31,
2022
|
Dec. 31,
2021
|
Mar. 31,
2021
|
Sequential
% Change
|
YoY
% Change
|
Net Change in
Business Volume
|
$628,947
|
$495,672
|
$(61,564)
|
N/A
|
N/A
|
Net Interest
Income
|
$61,875
|
$57,390
|
$53,251
|
8%
|
16%
|
Net Effective Spread
(Non-GAAP)
|
$57,839
|
$54,333
|
$53,859
|
6%
|
7%
|
Diluted EPS
(GAAP)
|
$3.77
|
$2.75
|
$2.58
|
37%
|
46%
|
Core EPS
(Non-GAAP)
|
$2.37
|
$2.76
|
$2.39
|
(14)%
|
(1)%
|
First Quarter 2022 Results
Spreads
Net interest income for first quarter 2022 was $61.9 million, a $8.6
million increase compared to $53.3
million in the prior-year period, primarily due to a
$5.0 million increase from net new
business volume, a $2.0 million
increase in the fair value of designated financial derivatives, a
$0.8 million increase in net coupon
yields related to our acquisition, in third quarter 2021, of the
loan servicing rights on a sizeable portion of our Farm & Ranch
loan and USDA Guaranteed Securities portfolios, and a $0.7 million increase in cash-basis interest
income. Net interest yield was 1.00% in first quarter 2022 compared
to 0.91% in the prior-year period.
Net effective spread, a non-GAAP measure, for first quarter 2022
was $57.8 million, a $4.0 million increase from $53.9 million in the prior-year period. The
$4.0 million year-over-year increase
in net effective spread in dollars was primarily due to a
$4.4 million increase from net
new business volume, a $0.8 million
increase in net coupon yields related to the acquisition of loan
servicing rights referenced above, and a $0.7 million increase in cash-basis interest
income. These factors were partially offset by a $1.7 million increase in non-GAAP funding costs.
In percentage terms, net effective spread was 0.97% for both
year-over-year periods.
Earnings
Farmer Mac's net income attributable to common stockholders for
first quarter 2022 was $41.0 million
($3.77 per diluted common share),
compared to $28.0 million
($2.58 per diluted common share) in
the prior-year period. The $13.1 million year-over-year increase in net
income attributable to common stockholders was due to a
$9.3 million after-tax increase in
the fair value of undesignated financial derivatives and a
$6.8 million after-tax increase in
net interest income. These factors were partially offset by a
$2.0 million after-tax increase in
operating expenses and a $1.5 million
increase in preferred stock dividends.
Farmer Mac enters into financial derivatives transactions to
hedge interest rate risks inherent in its business and carries its
financial derivatives at fair value in its consolidated financial
statements. The fair value fluctuations of these financial
derivatives are not expected to have a cumulative net impact on
Farmer Mac's financial condition or results of operations reported
with GAAP if the derivatives are held to maturity, as is expected.
Therefore, Farmer Mac uses core earnings, a non-GAAP measure that
excludes the effects of fair value fluctuations, as a useful
alternative measure to understand the business.
Farmer Mac's core earnings for first quarter 2022 were
$25.8 million ($2.37 per diluted common share), compared to
$25.9 million ($2.39 per diluted common share) in first quarter
2021. The $0.2 million year-over-year
decrease in core earnings was due to the $2.0 million after-tax increase in operating
expenses and the $1.5 million
increase in preferred stock dividends. These factors were partially
offset by a $3.1 million after-tax
increase in net effective spread.
Business Volume
Farmer Mac's outstanding business volume was $24.2 billion as of March 31, 2022, a net
increase of $0.6 billion from
December 31, 2021 after taking into
account all new business, maturities, sales, and paydowns on
existing assets. The net increase was primarily attributable to net
increases of $0.5 billion in the
Agricultural Finance line of business and $0.1 billion in the Rural Infrastructure Finance
line of business.
The $0.5 billion net increase in
Farm & Ranch during first quarter 2022 resulted from
$2.5 billion of new purchases,
commitments, and guarantees, partially offset by $2.0 billion of scheduled maturities and
repayments. Farmer Mac purchased a total of $416.2 million in loans, which was primarily
driven by farm real estate acquisitions due to improved borrower
economics as well as a competitive, albeit an increasing interest
rate environment resulting in demand for intermediate and long-term
financing solutions. The $416.2
million in gross Farm & Ranch loan purchases was
partially offset by $255.7 million in
scheduled maturities and repayments.
Farmer Mac also purchased a total of $1.8
billion in Farm & Ranch AgVantage Securities during
first quarter 2022, which primarily reflected the refinancing of
maturing securities as well as financial counterparties seeking to
add longer term AgVantage securities to manage their
asset-liability maturity profile given recent increases in credit
spreads and interest rates. The $1.8
billion in gross purchases was partially offset by
$1.3 billion in scheduled maturities.
Approximately $1.1 billion of the
total $1.8 billion in gross purchases
reflected purchases that refinanced maturing AgVantage securities
and were issued at short-term tenors, which may create volatility
in AgVantage volumes throughout the year. However, Farmer Mac does
not anticipate a material impact to its net effective spread given
the low spread related to these securities due to the short
maturities and the credit strength of the counterparties.
The $2.9 million net increase in
Corporate AgFinance during first quarter 2022 resulted from
$103.4 million of new loan and
AgVantage security purchases, which was offset by $100.4 million of scheduled maturities and
repayments. Farmer Mac purchased a total of $61.7 million in loans, which was offset by
$76.5 million in scheduled maturities
and repayments. This net decrease in loans was primarily due to
scheduled amortization and prepayments due to strong land values
and agricultural incomes.
The $111.2 million net increase in
Rural Utilities during first quarter 2022 resulted from
$378.0 million of new purchases,
commitments, and guarantees, which was partially offset by
$266.7 million of scheduled
maturities and repayments. Farmer Mac purchased a total of
$208.0 million in Rural Utilities
loans, which was fueled by a competitive but increasing interest
rate environment resulting in demand for long-term financing
solutions for planned maintenance and capital expenditures. The
$208.0 million in loan purchases was
partially offset by $50.7 million in
scheduled maturities and repayments.
The $33.8 million net increase in
Renewable Energy during first quarter 2022 primarily reflects a
$35.0 million commitment to a
large solar project being constructed in the southeast United States, consisting of $6.6 million of funded loan purchases (which was
partially offset by $1.2 million of
other loan repayments) and $28.4
million in unfunded loan commitments expected to be drawn
throughout 2022.
Credit
As of March 31, 2022, the total allowance for losses was
$16.3 million, compared to
$16.4 million as of December 31,
2021. The $0.1 million release from
the total allowance for losses in first quarter 2022 was comprised
of a $1.0 million release from the
Rural Infrastructure Finance portfolio and a $0.9 million provision to the allowance for the
Agricultural Finance portfolio. The $1.0
million release from the allowance for the Rural
Infrastructure portfolio was primarily attributable to a risk
rating upgrade on a single loan related to the borrower's
successful securitization of a large payable incurred as a result
of the arctic freeze that struck Texas in February
2021, and was partially offset by new loan volume. The
$0.9 million provision to the
allowance for the Agricultural Finance mortgage loan portfolio was
primarily attributable to a risk rating downgrade on a single
agricultural storage and processing loan. In addition, there was a
$0.1 million charge-off to the
allowance related to the foreclosure of two Farm & Ranch
loans.
As of March 31, 2022, Farmer Mac's 90-day delinquencies
were $55.8 million (0.57% of the
Agricultural Finance Mortgage Loan portfolio), compared to
$72.3 million (0.84% of the
Agricultural Finance Mortgage Loan portfolio) as of March 31, 2021. Across all of Farmer Mac's lines
of business, 90-day delinquencies represented 0.23% of total
outstanding business volume as of March 31, 2022, compared to
0.33% as of March 31, 2021.
Capital
As of March 31, 2022, Farmer Mac's core capital level was
$1.2 billion, $488.7 million above the minimum capital level
required by the Company's statutory charter. Farmer Mac's Tier 1
capital ratio was 15.0% as of March 31, 2022.
Earnings Conference Call Information
The conference call to discuss Farmer Mac's first quarter 2022
financial results will be held beginning at 4:30 p.m. eastern time on Monday, May 9,
2022, and can be accessed by telephone or live webcast as
follows:
Telephone (Domestic): (888) 346-2616
Telephone (International): (412) 902-4254
Webcast: https://www.farmermac.com/investors/events-presentations/
When dialing in to the call, please ask for the "Farmer Mac
Earnings Conference Call." The call can be heard live and will also
be available for replay on Farmer Mac's website for two weeks
following the conclusion of the call.
More complete information about Farmer Mac's performance for
first quarter 2022 is in Farmer Mac's Annual Report on Form 10-Q
for the quarter ended March 31, 2022, filed today with the
SEC.
Use of Non-GAAP Measures
In the accompanying analysis of its financial information,
Farmer Mac uses the following non-GAAP measures: "core earnings,"
"core earnings per share," and "net effective spread." Farmer Mac
uses these non-GAAP measures to measure corporate economic
performance and develop financial plans because, in management's
view, they are useful alternative measures in understanding Farmer
Mac's economic performance, transaction economics, and business
trends. The non-GAAP financial measures that Farmer Mac uses may
not be comparable to similarly labeled non-GAAP financial measures
disclosed by other companies. Farmer Mac's disclosure of these
non-GAAP measures is intended to be supplemental in nature and is
not meant to be considered in isolation from, as a substitute for,
or as more important than, the related financial information
prepared in accordance with GAAP.
Core earnings and core earnings per share principally differ
from net income attributable to common stockholders and earnings
per common share, respectively, by excluding the effects of fair
value fluctuations. These fluctuations are not expected to have a
cumulative net impact on Farmer Mac's financial condition or
results of operations reported in accordance with GAAP if the
related financial instruments are held to maturity, as is
expected.
Core earnings and core earnings per share also differ from net
income attributable to common stockholders and earnings per common
share, respectively, by excluding specified infrequent or unusual
transactions that Farmer Mac believes are not indicative of future
operating results and that may not reflect the trends and economic
financial performance of Farmer Mac's core business. For example,
we have excluded from core earnings losses on retirement of
preferred stock and the re-measurement of the deferred tax
asset.
Farmer Mac uses net effective spread to measure the net spread
Farmer Mac earns between its interest-earning assets and the
related net funding costs of these assets. Net effective spread
differs from net interest income and net interest yield because it
excludes: (1) the amortization of premiums and discounts on assets
consolidated at fair value that are amortized as adjustments to
yield in interest income over the contractual or estimated
remaining lives of the underlying assets; (2) interest income and
interest expense related to consolidated trusts with beneficial
interests owned by third parties, which are presented on Farmer
Mac's consolidated balance sheets as "Loans held for investment in
consolidated trusts, at amortized cost"; and (3) the fair
value changes of financial derivatives and the corresponding assets
or liabilities designated in a fair value hedge accounting
relationship.
Net effective spread also principally differs from net interest
income and net interest yield because it includes:
(1) the accrual of income and expense related to the
contractual amounts due on financial derivatives that are not
designated in hedge accounting relationships ("undesignated
financial derivatives"); and (2) the net effects of terminations or
net settlements on financial derivatives. More information about
Farmer Mac's use of non-GAAP measures is available in "Management's
Discussion and Analysis of Financial Condition and Results of
Operations—Results of Operations" in Farmer Mac's Annual Report on
Form 10-K for the year ended December 31,
2021, filed February 28, 2022
with the SEC.
For a reconciliation of Farmer Mac's net income attributable to
common stockholders to core earnings and of earnings per common
share to core earnings per share, and net interest income and net
interest yield to net effective spread, see "Reconciliations"
below.
Forward-Looking Statements
Management's expectations for Farmer Mac's future necessarily
involve assumptions and estimates and the evaluation of risks and
uncertainties. Various factors or events, both known and unknown,
could cause Farmer Mac's actual results to differ materially from
the expectations as expressed or implied by the forward-looking
statements in this release, including uncertainties about:
- the availability to Farmer Mac of debt and equity financing
and, if available, the reasonableness of rates and terms;
- legislative or regulatory developments that could affect Farmer
Mac, its sources of business, or agricultural or rural
infrastructure industries;
- fluctuations in the fair value of assets held by Farmer Mac and
its subsidiaries;
- the level of lender interest in Farmer Mac's products and the
secondary market provided by Farmer Mac;
- the general rate of growth in agricultural mortgage and rural
utilities indebtedness;
- the effect of economic conditions and geopolitics on
agricultural mortgage or rural utilities lending, borrower
repayment capacity, or collateral values, including fluctuations in
interest rates, changes in U.S. trade policies, fluctuations in
export demand for U.S. agricultural products, supply chain
disruptions, increases in input costs, labor availability,
volatility in commodity prices, and the effects of the conflict
between Russia and Ukraine;
- the degree to which Farmer Mac is exposed to interest rate risk
resulting from fluctuations in Farmer Mac's borrowing costs
relative to market indexes;
- developments in the financial markets, including possible
investor, analyst, and rating agency reactions to events involving
government-sponsored enterprises, including Farmer Mac;
- the effects of the Federal Reserve's efforts to achieve
monetary policy normalization and slow inflation;
- other factors that could hinder agricultural mortgage lending
or borrower repayment capacity, including the effects of severe
weather, climate change, or fluctuations in agricultural real
estate values;
- the duration, spread, and severity of the COVID-19 pandemic and
its effects on the business operations of agricultural and rural
borrowers, the capital markets, and Farmer Mac's business
operations; and
- the public response to the ongoing COVID-19 pandemic, including
the possibility of government actions to mitigate the pandemic and
its effects, and any social or economic disruption that may be
caused by any new COVID-19 variants or any further outbreaks.
Other risk factors are discussed in "Risk Factors" in Part I,
Item 1A in Farmer Mac's Annual Report on Form 10-K for the year
ended December 31, 2021, as filed
with the SEC on February 28, 2022.
Considering these potential risks and uncertainties, no undue
reliance should be placed on any forward-looking statements
expressed in this release. The forward-looking statements contained
in this release represent management's expectations as of the date
of this release. Farmer Mac undertakes no obligation to release
publicly the results of revisions to any forward-looking statements
included in this release to reflect new information or any future
events or circumstances, except as otherwise required by applicable
law. The information in this release is not necessarily indicative
of future results.
About Farmer Mac
Farmer Mac is a vital part of the agricultural credit markets
and was created to increase access to and reduce the cost of credit
for the benefit of American agricultural and rural communities. As
the nation's secondary market for agricultural credit, we provide
financial solutions to a broad spectrum of the agricultural
community, including agricultural lenders, agribusinesses, and
other institutions that can benefit from access to flexible,
low-cost financing and risk management tools. Farmer Mac's
customers benefit from our low cost of funds, low overhead costs,
and high operational efficiency. More information about Farmer Mac
(including the Annual Report on Form 10-K referenced above) is
available on Farmer Mac's website at www.farmermac.com.
FEDERAL AGRICULTURAL
MORTGAGE CORPORATION
AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (unaudited)
|
|
|
As of
|
|
March 31,
2022
|
|
December 31,
2021
|
|
(in
thousands)
|
Assets:
|
|
|
|
Cash and
cash equivalents
|
$
890,046
|
|
$
908,785
|
Investment
securities:
|
|
|
|
Available-for-sale, at fair value (amortized cost of $4,258,227 and
$3,834,714, respectively)
|
4,195,314
|
|
3,836,391
|
Held-to-maturity, at amortized cost
|
44,970
|
|
44,970
|
Other investments
|
1,504
|
|
1,229
|
Total Investment Securities
|
4,241,788
|
|
3,882,590
|
Farmer Mac
Guaranteed Securities:
|
|
|
|
Available-for-sale, at fair value (amortized cost of $6,672,894 and
$6,135,807, respectively)
|
6,600,246
|
|
6,328,559
|
Held-to-maturity, at amortized cost
|
1,906,218
|
|
2,033,239
|
Total Farmer Mac Guaranteed Securities
|
8,506,464
|
|
8,361,798
|
USDA
Securities:
|
|
|
|
Trading, at fair value
|
3,386
|
|
4,401
|
Held-to-maturity, at amortized cost
|
2,436,103
|
|
2,436,331
|
Total USDA Securities
|
2,439,489
|
|
2,440,732
|
Loans:
|
|
|
|
Loans held for sale, at lower of cost or fair value
|
9,000
|
|
—
|
Loans held for investment, at amortized cost
|
8,481,310
|
|
8,314,096
|
Loans held for investment in consolidated trusts, at amortized
cost
|
888,200
|
|
948,623
|
Allowance for losses
|
(13,570)
|
|
(14,041)
|
Total loans, net of allowance
|
9,364,940
|
|
9,248,678
|
Financial
derivatives, at fair value
|
26,329
|
|
19,139
|
Interest
receivable (includes $5,679 and $10,418, respectively, related to
consolidated trusts)
|
148,228
|
|
177,355
|
Guarantee
and commitment fees receivable
|
45,021
|
|
45,538
|
Deferred
tax asset, net
|
24,910
|
|
15,558
|
Prepaid
expenses and other assets
|
102,199
|
|
45,318
|
Total Assets
|
$
25,789,414
|
|
$
25,145,491
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
Liabilities:
|
|
|
|
Notes
payable
|
$
23,039,967
|
|
$
22,716,156
|
Debt
securities of consolidated trusts held by third parties
|
895,145
|
|
981,379
|
Financial
derivatives, at fair value
|
105,574
|
|
34,248
|
Accrued
interest payable (includes $4,724 and $9,619, respectively, related
to consolidated trusts)
|
89,761
|
|
83,992
|
Guarantee
and commitment obligation
|
43,285
|
|
43,926
|
Accounts
payable and accrued expenses
|
420,998
|
|
79,427
|
Reserve
for losses
|
1,840
|
|
1,950
|
Total
Liabilities
|
24,596,570
|
|
23,941,078
|
Commitments and
Contingencies
|
|
|
|
Equity:
|
|
|
|
Preferred
stock:
|
|
|
|
Series C, par value
$25 per share, 3,000,000 shares authorized, issued and
outstanding
|
73,382
|
|
73,382
|
Series D, par value $25 per share, 4,000,000 shares authorized,
issued and outstanding
|
96,659
|
|
96,659
|
Series E, par value $25 per share, 3,180,000 shares authorized,
issued and outstanding
|
77,003
|
|
77,003
|
Series F, par value $25 per share, 4,800,000 shares authorized,
issued and outstanding
|
116,160
|
|
116,160
|
Series G, par value $25 per share, 5,000,000 shares authorized,
issued and outstanding
|
121,327
|
|
121,327
|
Common
stock:
|
|
|
|
Class A Voting, $1 par value, no maximum authorization, 1,030,780
shares outstanding
|
1,031
|
|
1,031
|
Class B Voting, $1 par value, no maximum authorization, 500,301
shares outstanding
|
500
|
|
500
|
Class C Non-Voting, $1 par value, no maximum authorization,
9,256,596 shares and 9,235,205 shares outstanding,
respectively
|
9,257
|
|
9,235
|
Additional paid-in
capital
|
127,103
|
|
125,993
|
Accumulated other
comprehensive (loss)/income, net of tax
|
(39,665)
|
|
3,853
|
Retained
earnings
|
610,087
|
|
579,270
|
Total Equity
|
1,192,844
|
|
1,204,413
|
Total Liabilities and Equity
|
$
25,789,414
|
|
$
25,145,491
|
FEDERAL AGRICULTURAL
MORTGAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF
OPERATIONS (unaudited)
|
|
|
For the Three Months
Ended
|
|
March 31,
2022
|
|
March 31,
2021
|
|
(in thousands, except per share
amounts)
|
Interest
income:
|
|
|
|
Investments and cash equivalents
|
$
5,716
|
|
$
5,529
|
Farmer Mac
Guaranteed Securities and USDA Securities
|
39,257
|
|
42,404
|
Loans
|
67,247
|
|
59,494
|
Total interest income
|
112,220
|
|
107,427
|
Total
interest expense
|
50,345
|
|
54,176
|
Net interest income
|
61,875
|
|
53,251
|
Provision
for losses
|
(56)
|
|
(913)
|
Net interest income after provision for losses
|
61,819
|
|
52,338
|
Non-interest
income/(expense):
|
|
|
|
Guarantee
and commitment fees
|
3,695
|
|
3,030
|
Gains on
financial derivatives
|
16,074
|
|
4,293
|
Losses on
trading securities
|
(63)
|
|
(13)
|
Release of
reserve for losses
|
110
|
|
944
|
Other
income
|
675
|
|
583
|
Non-interest income
|
20,491
|
|
8,837
|
Operating
expenses:
|
|
|
|
Compensation and employee benefits
|
13,298
|
|
11,795
|
General
and administrative
|
7,278
|
|
6,336
|
Regulatory
fees
|
812
|
|
750
|
Operating expenses
|
21,388
|
|
18,881
|
Income before income taxes
|
60,922
|
|
42,294
|
Income tax
expense
|
13,085
|
|
9,067
|
Net income
|
47,837
|
|
33,227
|
Preferred stock
dividends
|
(6,791)
|
|
(5,269)
|
Net income attributable to common stockholders
|
$
41,046
|
|
$
27,958
|
|
|
|
|
Earnings per common
share:
|
|
|
|
Basic earnings per common share
|
$
3.81
|
|
$
2.60
|
Diluted earnings per common share
|
$
3.77
|
|
$
2.58
|
Reconciliations
Reconciliations of Farmer Mac's net income attributable to
common stockholders to core earnings and core earnings per share
are presented in the following tables along with information about
the composition of core earnings for the periods
indicated:
Reconciliation of Net
Income Attributable to Common Stockholders to Core
Earnings
|
|
For the Three Months
Ended
|
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
|
(in thousands, except per share amounts)
|
Net income attributable
to common stockholders
|
$
41,046
|
|
$
29,892
|
|
$
27,958
|
Less reconciling
items:
|
|
|
|
|
|
Gains/(losses) on undesignated financial derivatives due to
fair value changes
|
1,698
|
|
(1,213)
|
|
1,695
|
Gains/(losses) on hedging activities due to fair value
changes
|
2,024
|
|
1,476
|
|
(271)
|
Unrealized
gains/(losses) on trading assets
|
94
|
|
(76)
|
|
(14)
|
Net
effects of amortization of premiums/discounts and deferred gains on
assets consolidated at fair value
|
20
|
|
71
|
|
16
|
Net
effects of terminations or net settlements on financial
derivatives
|
15,512
|
|
(429)
|
|
1,165
|
Income tax
effect related to reconciling items
|
(4,063)
|
|
36
|
|
(544)
|
Sub-total
|
15,285
|
|
(135)
|
|
2,047
|
Core
earnings
|
$
25,761
|
|
$
30,027
|
|
$
25,911
|
|
|
|
|
|
|
Composition of Core
Earnings:
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Net
effective spread(1)
|
$
57,839
|
|
$
54,333
|
|
$
53,859
|
Guarantee
and commitment fees(2)
|
4,557
|
|
4,637
|
|
4,240
|
Gain on
sale of mortgage loans
|
—
|
|
6,539
|
|
—
|
Other(3)
|
514
|
|
241
|
|
451
|
Total revenues
|
62,910
|
|
65,750
|
|
58,550
|
|
|
|
|
|
|
Credit related expense
(GAAP):
|
|
|
|
|
|
Release of
losses
|
(54)
|
|
(1,428)
|
|
(31)
|
Total credit related expense
|
(54)
|
|
(1,428)
|
|
(31)
|
|
|
|
|
|
|
Operating expenses
(GAAP):
|
|
|
|
|
|
Compensation and employee benefits
|
13,298
|
|
11,246
|
|
11,795
|
General
and administrative
|
7,278
|
|
8,492
|
|
6,336
|
Regulatory
fees
|
812
|
|
812
|
|
750
|
Total operating expenses
|
21,388
|
|
20,550
|
|
18,881
|
|
|
|
|
|
|
Net earnings
|
41,576
|
|
46,628
|
|
39,700
|
Income tax
expense(4)
|
9,024
|
|
9,809
|
|
8,520
|
Preferred
stock dividends (GAAP)
|
6,791
|
|
6,792
|
|
5,269
|
Core earnings
|
$
25,761
|
|
$
30,027
|
|
$
25,911
|
|
|
|
|
|
|
Core earnings per
share:
|
|
|
|
|
|
Basic
|
$
2.39
|
|
$
2.79
|
|
$
2.41
|
Diluted
|
2.37
|
|
2.76
|
|
2.39
|
|
|
(1)
|
Net effective spread is
a non-GAAP measure. See "Use of Non-GAAP Measures" above for
an explanation of net effective spread. See below for a
reconciliation of net interest income to net effective
spread.
|
(2)
|
Includes interest
income and interest expense related to consolidated trusts owned by
third parties reclassified from net interest income to guarantee
and commitment fees to reflect management's view that the net
interest income Farmer Mac earns is effectively a guarantee fee on
the consolidated Farmer Mac Guaranteed Securities.
|
(3)
|
Reflects reconciling
adjustments for the reclassification to exclude expenses related to
interest rate swaps not designated as hedges and terminations or
net settlements on financial derivatives, and reconciling
adjustments to exclude fair value adjustments on financial
derivatives and trading assets and the recognition of deferred
gains over the estimated lives of certain Farmer Mac Guaranteed
Securities and USDA Securities.
|
(4)
|
Includes the tax impact
of non-GAAP reconciling items between net income attributable to
common stockholders and core earnings.
|
Reconciliation of GAAP
Basic Earnings Per Share to Core Earnings Basic Earnings Per
Share
|
|
For the Three Months
Ended
|
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
|
(in thousands,
except per share amounts)
|
GAAP - Basic
EPS
|
$
3.81
|
|
$
2.78
|
|
$
2.60
|
Less reconciling
items:
|
|
|
|
|
|
Gains/(losses) on undesignated financial derivatives due to
fair value changes
|
0.16
|
|
(0.11)
|
|
0.16
|
Gains/(losses) on hedging activities due to fair value
changes
|
0.19
|
|
0.14
|
|
(0.03)
|
Unrealized
gains/(losses) on trading securities
|
0.01
|
|
(0.01)
|
|
—
|
Net
effects of amortization of premiums/discounts and deferred gains on
assets consolidated at fair value
|
—
|
|
0.01
|
|
—
|
Net
effects of terminations or net settlements on financial
derivatives
|
1.44
|
|
(0.04)
|
|
0.11
|
Income tax
effect related to reconciling items
|
(0.38)
|
|
—
|
|
(0.05)
|
Sub-total
|
1.42
|
|
(0.01)
|
|
0.19
|
Core Earnings - Basic
EPS
|
$
2.39
|
|
$
2.79
|
|
$
2.41
|
|
|
|
|
|
|
Shares used in per
share calculation (GAAP and Core Earnings)
|
10,767
|
|
10,766
|
|
10,738
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Diluted Earnings Per Share to Core Earnings Diluted Earnings Per
Share
|
|
For the Three Months
Ended
|
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
|
(in thousands,
except per share amounts)
|
GAAP - Diluted
EPS
|
$
3.77
|
|
$
2.75
|
|
$
2.58
|
Less reconciling
items:
|
|
|
|
|
|
Gains/(losses) on undesignated financial derivatives due to
fair value changes
|
0.16
|
|
(0.11)
|
|
0.16
|
Gains/(losses) on hedging activities due to fair value
changes
|
0.19
|
|
0.14
|
|
(0.03)
|
Unrealized
gains/(losses) on trading securities
|
0.01
|
|
(0.01)
|
|
—
|
Net
effects of amortization of premiums/discounts and deferred gains on
assets consolidated at fair value
|
—
|
|
0.01
|
|
—
|
Net
effects of terminations or net settlements on financial
derivatives
|
1.42
|
|
(0.04)
|
|
0.11
|
Income tax
effect related to reconciling items
|
(0.38)
|
|
—
|
|
(0.05)
|
Sub-total
|
1.40
|
|
(0.01)
|
|
0.19
|
Core Earnings - Diluted
EPS
|
$
2.37
|
|
$
2.76
|
|
$
2.39
|
|
|
|
|
|
|
Shares used in per
share calculation (GAAP and Core Earnings)
|
10,887
|
|
10,877
|
|
10,819
|
The following table presents a reconciliation of net interest
income and net yield to net effective spread for the periods
indicated:
Reconciliation of GAAP
Net Interest Income/Yield to Net Effective Spread
|
|
For the Three Months
Ended
|
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
(dollars in
thousands)
|
Net interest
income/yield
|
$
61,875
|
|
1.00 %
|
|
$
57,390
|
|
0.95 %
|
|
$
53,251
|
|
0.91 %
|
Net effects of
consolidated trusts
|
(1,018)
|
|
0.02 %
|
|
(1,151)
|
|
0.02 %
|
|
(1,210)
|
|
0.03 %
|
Expense related to
undesignated financial derivatives
|
(994)
|
|
(0.02) %
|
|
(313)
|
|
— %
|
|
2,068
|
|
0.04 %
|
Amortization of
premiums/discounts on assets consolidated at fair value
|
(16)
|
|
— %
|
|
(10)
|
|
— %
|
|
(8)
|
|
— %
|
Amortization of losses
due to terminations or net settlements on financial
derivatives
|
356
|
|
0.01 %
|
|
200
|
|
— %
|
|
103
|
|
— %
|
Fair value changes on
fair value hedge relationships
|
(2,364)
|
|
(0.04) %
|
|
(1,783)
|
|
(0.03) %
|
|
(345)
|
|
(0.01) %
|
Net
effective spread
|
$
57,839
|
|
0.97 %
|
|
$
54,333
|
|
0.94 %
|
|
$
53,859
|
|
0.97 %
|
The following table presents core earnings for Farmer Mac's
reportable operating segments and a reconciliation to consolidated
net income for the three months ended March 31, 2022:
Core Earnings by
Business Segment
|
For the Three Months
Ended March 31, 2022
|
|
Agricultural
Finance
|
|
Rural
Infrastructure
|
|
Treasury
|
|
Corporate
|
|
|
|
|
|
Farm &
Ranch
|
|
Corporate
AgFinance
|
|
Rural
Utilities
|
|
Renewable
Energy
|
|
Funding
|
|
Investments
|
|
|
Reconciling
Adjustments
|
|
Consolidated
Net Income
|
|
(in
thousands)
|
Net interest
income
|
$ 31,354
|
|
$ 7,209
|
|
$ 3,193
|
|
$
375
|
|
$ 19,740
|
|
$
4
|
|
$
—
|
|
$
—
|
|
$
61,875
|
Less:
reconciling adjustments(1)(2)(3)
|
(1,000)
|
|
—
|
|
(34)
|
|
—
|
|
(3,002)
|
|
—
|
|
—
|
|
4,036
|
|
—
|
Net effective
spread
|
30,354
|
|
7,209
|
|
3,159
|
|
375
|
|
16,738
|
|
4
|
|
—
|
|
4,036
|
|
—
|
Guarantee and
commitment fees
|
4,216
|
|
19
|
|
286
|
|
36
|
|
—
|
|
—
|
|
—
|
|
(862)
|
|
3,695
|
Other
income/(expense)(3)
|
400
|
|
114
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
16,172
|
|
16,686
|
Total
revenues
|
34,970
|
|
7,342
|
|
3,445
|
|
411
|
|
16,738
|
|
4
|
|
—
|
|
19,346
|
|
82,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Provision for)/release
of losses
|
(510)
|
|
(515)
|
|
1,169
|
|
(202)
|
|
—
|
|
2
|
|
—
|
|
—
|
|
(56)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Release of reserve for
losses
|
75
|
|
—
|
|
35
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
110
|
Operating
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(21,388)
|
|
—
|
|
(21,388)
|
Total
non-interest expense
|
75
|
|
—
|
|
35
|
|
—
|
|
—
|
|
—
|
|
(21,388)
|
|
—
|
|
(21,278)
|
Core
earnings before income taxes
|
34,535
|
|
6,827
|
|
4,649
|
|
209
|
|
16,738
|
|
6
|
|
(21,388)
|
|
19,346
|
(4)
|
60,922
|
Income tax
(expense)/benefit
|
(7,252)
|
|
(1,434)
|
|
(976)
|
|
(44)
|
|
(3,515)
|
|
(1)
|
|
4,198
|
|
(4,061)
|
|
(13,085)
|
Core earnings before
preferred stock dividends
|
27,283
|
|
5,393
|
|
3,673
|
|
165
|
|
13,223
|
|
5
|
|
(17,190)
|
|
15,285
|
(4)
|
47,837
|
Preferred stock
dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6,791)
|
|
—
|
|
(6,791)
|
Segment
core earnings/(losses)
|
$ 27,283
|
|
$ 5,393
|
|
$ 3,673
|
|
$
165
|
|
$ 13,223
|
|
$
5
|
|
$
(23,981)
|
|
$ 15,285
|
(4)
|
$
41,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
13,610,138
|
|
$
1,491,127
|
|
$
5,480,668
|
|
$
92,132
|
|
$
—
|
|
$
4,995,154
|
|
$ 120,195
|
|
$
—
|
|
25,789,414
|
Total on- and
off-balance sheet program assets
at principal balance
|
$
16,575,595
|
|
$
1,540,760
|
|
$
6,006,446
|
|
$
120,609
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
24,243,410
|
|
|
(1)
|
Includes the
amortization of premiums and discounts on assets consolidated at
fair value, originally included in interest income, to reflect core
earnings amounts.
|
(2)
|
Includes the
reclassification of interest income and interest expense from
consolidated trusts owned by third parties to guarantee and
commitment fees, to reflect management's view that the net interest
income Farmer Mac earns is effectively a guarantee
fee.
|
(3)
|
Includes the
reclassification of interest expense related to interest rate swaps
not designated as hedges, which are included in "Gains on financial
derivatives" on the consolidated financial statements, to determine
the effective funding cost for each operating segment.
|
(4)
|
Net adjustments to
reconcile to the corresponding income measures: core earnings
before income taxes reconciled to income before income taxes; core
earnings before preferred stock dividends reconciled to net income;
and segment core earnings reconciled to net income attributable to
common stockholders.
|
Supplemental Information
The following table sets forth information about outstanding
volume in each of Farmer Mac's lines of business as of the dates
indicated:
Outstanding Business
Volume
|
|
|
On or Off
Balance
Sheet
|
|
As of March 31,
2022
|
|
As of December 31,
2021
|
|
|
|
|
(in thousands)
|
Agricultural
Finance:
|
|
|
|
|
|
|
Farm &
Ranch:
|
|
|
|
|
|
|
Loans
|
|
On-balance
sheet
|
|
$
4,935,566
|
|
$
4,775,070
|
Loans held in consolidated trusts:
|
|
|
|
|
|
|
Beneficial interests owned by third-party
investors
|
|
On-balance
sheet
|
|
888,200
|
|
948,623
|
IO-FMGS(1)
|
|
On-balance
sheet
|
|
11,919
|
|
12,297
|
USDA Securities
|
|
On-balance
sheet
|
|
2,440,807
|
|
2,445,806
|
AgVantage Securities
|
|
On-balance
sheet
|
|
5,155,000
|
|
4,725,000
|
LTSPCs and unfunded commitments
|
|
Off-balance
sheet
|
|
2,578,330
|
|
2,587,154
|
Farmer Mac Guaranteed Securities
|
|
Off-balance
sheet
|
|
544,484
|
|
578,358
|
Loans serviced for others
|
|
Off-balance
sheet
|
|
21,289
|
|
22,331
|
Total Farm & Ranch
|
|
|
|
$
16,575,595
|
|
$
16,094,639
|
Corporate
AgFinance:
|
|
|
|
|
|
|
Loans
|
|
On-balance
sheet
|
|
$
1,108,463
|
|
$
1,123,300
|
AgVantage Securities
|
|
On-balance
sheet
|
|
375,262
|
|
367,464
|
Unfunded Loan Commitments
|
|
Off-balance
sheet
|
|
57,035
|
|
47,070
|
Total Corporate AgFinance
|
|
|
|
$
1,540,760
|
|
$
1,537,834
|
Total Agricultural Finance
|
|
|
|
$
18,116,355
|
|
$
17,632,473
|
Rural Infrastructure
Finance:
|
|
|
|
|
|
|
Rural
Utilities:
|
|
|
|
|
|
|
Loans
|
|
On-balance
sheet
|
|
$
2,459,605
|
|
$
2,302,373
|
AgVantage Securities
|
|
On-balance
sheet
|
|
3,009,881
|
|
3,033,262
|
LTSPCs and Unfunded Loan Commitments
|
|
Off-balance
sheet
|
|
534,205
|
|
556,837
|
Farmer Mac Guaranteed Securities
|
|
Off-balance
sheet
|
|
2,755
|
|
2,755
|
Total Rural Utilities
|
|
|
|
$
6,006,446
|
|
$
5,895,227
|
Renewable
Energy:
|
|
|
|
|
|
|
Loans
|
|
On-balance
sheet
|
|
$
92,246
|
|
$
86,763
|
Unfunded Loan Commitments
|
|
Off-balance
sheet
|
|
28,363
|
|
—
|
Total Renewable Energy
|
|
|
|
$
120,609
|
|
$
86,763
|
Total Rural Infrastructure Finance
|
|
|
|
$
6,127,055
|
|
$
5,981,990
|
Total
|
|
|
|
$
24,243,410
|
|
$
23,614,463
|
|
|
(1)
|
An interest-only Farmer
Mac Guaranteed Security retained as part of a structured
securitization.
|
The following table presents the quarterly net effective spread
(a non-GAAP measure) by segment:
|
Net Effective
Spread(1)
|
|
Agricultural
Finance
|
|
Rural Infrastructure
Finance
|
|
Treasury
|
|
|
|
|
|
Farm &
Ranch
|
|
Corporate
AgFinance
|
|
Rural
Utilities
|
|
Renewable
Energy
|
|
Funding
|
|
Investments
|
|
Net Effective
Spread
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
(dollars in
thousands)
|
For the quarter
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2022(2)
|
$
30,354
|
|
1.02 %
|
|
$ 7,209
|
|
1.96 %
|
|
$ 3,159
|
|
0.23 %
|
|
$
375
|
|
1.69 %
|
|
$
16,738
|
|
0.28 %
|
|
$ 4
|
|
— %
|
|
$
57,839
|
|
0.97 %
|
December
31, 2021
|
28,998
|
|
0.99 %
|
|
6,321
|
|
1.84 %
|
|
2,521
|
|
0.19 %
|
|
356
|
|
1.53 %
|
|
15,979
|
|
0.28 %
|
|
158
|
|
0.01 %
|
|
54,333
|
|
0.94 %
|
September
30, 2021
|
28,914
|
|
1.06 %
|
|
7,163
|
|
1.80 %
|
|
2,067
|
|
0.16 %
|
|
236
|
|
1.09 %
|
|
17,386
|
|
0.31 %
|
|
159
|
|
0.01 %
|
|
55,925
|
|
0.99 %
|
June 30,
2021
|
29,163
|
|
1.06 %
|
|
6,676
|
|
1.65 %
|
|
1,759
|
|
0.14 %
|
|
378
|
|
1.80 %
|
|
18,449
|
|
0.33 %
|
|
126
|
|
0.01 %
|
|
56,551
|
|
1.01 %
|
March 31,
2021
|
26,461
|
|
0.98 %
|
|
6,921
|
|
1.67 %
|
|
1,720
|
|
0.14 %
|
|
249
|
|
1.28 %
|
|
18,394
|
|
0.33 %
|
|
114
|
|
0.01 %
|
|
53,859
|
|
0.97 %
|
December
31, 2020
|
25,596
|
|
0.95 %
|
|
6,237
|
|
1.53 %
|
|
1,838
|
|
0.15 %
|
|
123
|
|
1.20 %
|
|
20,585
|
|
0.37 %
|
|
143
|
|
0.01 %
|
|
54,522
|
|
0.98 %
|
September
30, 2020
|
23,735
|
|
0.89 %
|
|
5,786
|
|
1.45 %
|
|
2,022
|
|
0.16 %
|
|
75
|
|
1.19 %
|
|
20,034
|
|
0.37 %
|
|
150
|
|
0.01 %
|
|
51,802
|
|
0.96
%
|
June 30,
2020
|
21,597
|
|
0.83 %
|
|
4,997
|
|
1.36 %
|
|
1,701
|
|
0.14 %
|
|
47
|
|
0.93 %
|
|
19,449
|
|
0.37 %
|
|
(1,322)
|
|
(0.13)
%
|
|
46,469
|
|
0.89 %
|
March 31,
2020
|
19,230
|
|
0.76 %
|
|
4,421
|
|
1.32 %
|
|
1,315
|
|
0.11 %
|
|
58
|
|
1.51 %
|
|
19,150
|
|
0.39 %
|
|
(11)
|
|
— %
|
|
44,163
|
|
0.89 %
|
|
|
(1)
|
Farmer Mac excludes the
Corporate segment in the presentation above because the segment
does not have any interest-earning assets.
|
(2)
|
See above for a
reconciliation of GAAP net interest income by line of business to
net effective spread by line of business for the three months ended
March 31, 2022.
|
The following table presents quarterly core earnings reconciled
to net income attributable to common stockholders:
Core Earnings by
Quarter Ended
|
|
March
2022
|
|
December
2021
|
|
September
2021
|
|
June
2021
|
|
March
2021
|
|
December
2020
|
|
September
2020
|
|
June
2020
|
|
March
2020
|
|
(in
thousands)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
effective spread
|
$
57,839
|
|
$
54,333
|
|
$
55,925
|
|
$
56,551
|
|
$
53,859
|
|
$
54,522
|
|
$
51,802
|
|
$
46,469
|
|
$
44,163
|
Guarantee
and commitment fees
|
4,557
|
|
4,637
|
|
4,322
|
|
4,334
|
|
4,240
|
|
4,652
|
|
4,659
|
|
4,943
|
|
4,896
|
Gain on
sale of mortgage loans
|
—
|
|
6,539
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Other
|
514
|
|
241
|
|
687
|
|
301
|
|
451
|
|
512
|
|
453
|
|
1,048
|
|
674
|
Total revenues
|
62,910
|
|
65,750
|
|
60,934
|
|
61,186
|
|
58,550
|
|
59,686
|
|
56,914
|
|
52,460
|
|
49,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit related
expense/(income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Release
of)/provision for losses
|
(54)
|
|
(1,428)
|
|
255
|
|
(983)
|
|
(31)
|
|
2,973
|
|
1,200
|
|
51
|
|
3,831
|
REO
operating expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Losses/(gains) on sale of REO
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
22
|
|
—
|
|
—
|
|
(485)
|
Total credit related expense/(income)
|
(54)
|
|
(1,428)
|
|
255
|
|
(983)
|
|
(31)
|
|
2,995
|
|
1,200
|
|
51
|
|
3,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits
|
13,298
|
|
11,246
|
|
10,027
|
|
9,779
|
|
11,795
|
|
9,497
|
|
8,791
|
|
8,087
|
|
10,127
|
General
and administrative
|
7,278
|
|
8,492
|
|
6,330
|
|
6,349
|
|
6,336
|
|
6,274
|
|
5,044
|
|
5,295
|
|
5,363
|
Regulatory
fees
|
812
|
|
812
|
|
750
|
|
750
|
|
750
|
|
750
|
|
725
|
|
725
|
|
725
|
Total operating expenses
|
21,388
|
|
20,550
|
|
17,107
|
|
16,878
|
|
18,881
|
|
16,521
|
|
14,560
|
|
14,107
|
|
16,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
41,576
|
|
46,628
|
|
43,572
|
|
45,291
|
|
39,700
|
|
40,170
|
|
41,154
|
|
38,302
|
|
30,172
|
Income tax
expense
|
9,024
|
|
9,809
|
|
9,152
|
|
9,463
|
|
8,520
|
|
8,470
|
|
8,297
|
|
8,016
|
|
6,598
|
Preferred stock
dividends
|
6,791
|
|
6,792
|
|
6,774
|
|
5,842
|
|
5,269
|
|
5,269
|
|
5,166
|
|
3,939
|
|
3,431
|
Core earnings
|
$
25,761
|
|
$
30,027
|
|
$
27,646
|
|
$
29,986
|
|
$
25,911
|
|
$
26,431
|
|
$
27,691
|
|
$
26,347
|
|
$
20,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains/(losses) on undesignated financial derivatives due to fair
value changes
|
$ 1,698
|
|
$
(1,213)
|
|
$
(1,864)
|
|
$
(3,721)
|
|
$
1,695
|
|
$
(1,758)
|
|
$
(4,149)
|
|
$
8,700
|
|
$
(6,484)
|
Gains/(losses) on hedging activities due to fair value
changes
|
2,024
|
|
1,476
|
|
(2,093)
|
|
(2,097)
|
|
(271)
|
|
3,827
|
|
(5,245)
|
|
(2,676)
|
|
(5,925)
|
Unrealized gains/(losses) on trading assets
|
94
|
|
(76)
|
|
36
|
|
(61)
|
|
(14)
|
|
223
|
|
(258)
|
|
(20)
|
|
106
|
Net effects of amortization of premiums/discounts and deferred
gains on assets consolidated at fair value
|
20
|
|
71
|
|
23
|
|
20
|
|
16
|
|
(77)
|
|
97
|
|
35
|
|
3
|
Net effects of terminations or net settlements on financial
derivatives
|
15,512
|
|
(429)
|
|
(351)
|
|
109
|
|
1,165
|
|
1,583
|
|
233
|
|
720
|
|
(1,300)
|
Issuance costs on the retirement of preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,667)
|
|
—
|
|
—
|
Income tax effect related to reconciling items
|
(4,063)
|
|
36
|
|
892
|
|
1,208
|
|
(544)
|
|
(798)
|
|
1,957
|
|
(1,419)
|
|
2,856
|
Net income attributable to common
stockholders
|
$
41,046
|
|
$
29,892
|
|
$
24,289
|
|
$
25,444
|
|
$
27,958
|
|
$
29,431
|
|
$
18,659
|
|
$
31,687
|
|
$
9,399
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/farmer-mac-reports-first-quarter-2022-results-301542942.html
SOURCE Farmer Mac