AGM Files 10-Q for Q2 2024

TL;DR

AGM's Q2 2024 10-Q is in. Check financials.

AI Summary

Federal Agricultural Mortgage Corp. (AGM) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides crucial financial and operational insights into Federal Agricultural Mortgage Corp.'s performance, helping investors assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant negative news indicated in the provided snippet.

Key Players & Entities

• FEDERAL AGRICULTURAL MORTGAGE CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240805 (date) — Filing Date
• 202-872-7700 (phone_number) — Business Phone

FAQ

Filing Documents

• agm-20240630.htm (10-Q) — 6002KB
• ex311agm-06302024.htm (EX-31.1) — 10KB
• ex312agm-06302024.htm (EX-31.2) — 10KB
• ex32agm-06302024.htm (EX-32) — 7KB
• agm-20240630_g1.jpg (GRAPHIC) — 19KB
• 0000845877-24-000201.txt ( ) — 27822KB
• agm-20240630.xsd (EX-101.SCH) — 75KB
• agm-20240630_cal.xml (EX-101.CAL) — 151KB
• agm-20240630_def.xml (EX-101.DEF) — 728KB
• agm-20240630_lab.xml (EX-101.LAB) — 998KB
• agm-20240630_pre.xml (EX-101.PRE) — 878KB
• agm-20240630_htm.xml (XML) — 7259KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 56

Forward-Looking Statements

Forward-Looking Statements 56 Overview 58 Use of Non-GAAP Measures 62 Results of Operations 64 Outlook 82 Balance Sheet Review 88 Risk Management 88 Liquidity and Capital Resources 105 Other Matters 107 Supplemental Information 107 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 111 Item 4.

Controls and Procedures

Controls and Procedures 112 PART II 113 Item 1.

Legal Proceedings

Legal Proceedings 113 Item 1A.

Risk Factors

Risk Factors 113 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 113 Item 3. Defaults Upon Senior Securities 113 Item 4. Mine Safety Disclosures 113 Item 5. Other Information 114 Item 6. Exhibits 115

Signatures

Signatures 115 2 PART I

Financial Statements

Item 1. Financial Statements FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) As of June 30, 2024 December 31, 2023 (in thousands) Assets: Cash and cash equivalents $ 922,961 $ 888,707 Investment securities: Available-for-sale, at fair value (amortized cost of $ 5,410,032 and $ 5,060,135 , respectively) 5,248,715 4,918,931 Held-to-maturity, at amortized cost 9,270 53,756 Other investments 7,398 6,817 Total Investment Securities 5,265,383 4,979,504 Farmer Mac Guaranteed Securities: Available-for-sale, at fair value (amortized cost of $ 5,755,298 and $ 5,825,433 , respectively) 5,399,151 5,532,479 Held-to-maturity, at amortized cost 3,929,068 4,213,069 Total Farmer Mac Guaranteed Securities 9,328,219 9,745,548 USDA Securities: Trading, at fair value 1,026 1,241 Held-to-maturity, at amortized cost 2,330,535 2,354,171 Total USDA Securities 2,331,561 2,355,412 Loans: Loans held for investment, at amortized cost 10,041,653 9,623,119 Loans held for investment in consolidated trusts, at amortized cost 1,761,355 1,432,261 Allowance for losses ( 16,500 ) ( 16,031 ) Total loans, net of allowance 11,786,508 11,039,349 Financial derivatives, at fair value 53,686 37,478 Accrued interest receivable (includes $ 21,711 and $ 16,764 , respectively, related to consolidated trusts) 285,774 287,128 Guarantee and commitment fees receivable 46,754 49,832 Deferred tax asset, net — 8,470 Prepaid expenses and other assets 173,468 132,954 Total Assets $ 30,194,314 $ 29,524,382 Liabilities and Equity: Liabilities: Notes payable $ 26,542,671 $ 26,336,542 Debt securities of consolidated trusts held by third parties 1,662,549 1,351,069 Financial derivatives, at fair value 118,421 117,131 Accrued interest payable (includes $ 10,275 and $ 9,407 , respectively, related to consolidated trusts) 194,171 181,841 Guarantee and commitment obligation 44,758 47,563 Accounts payable and accrued expenses 125,26

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2023 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2023 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2023 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 23, 2024. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three and six months ended June 30, 2024. Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (1) Farmer Mac Mortgage Securities Corporation, whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Secu

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View this 10-Q filing on SEC EDGAR