FARM CREDIT REPORTS Q3 2024 RESULTS

TL;DR

AGM's Q3 2024 10-Q is in, check financials for ag lending health.

AI Summary

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

Why It Matters

This filing provides crucial financial insights into the performance of a federally-sponsored credit agency, impacting the agricultural lending sector and related investments.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a well-established entity.

Key Players & Entities

• FEDERAL AGRICULTURAL MORTGAGE CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241104 (date) — Filing Date
• 2024 Q3 (date) — Quarter

FAQ

Filing Documents

• agm-20240930.htm (10-Q) — 6136KB
• exhibit49descriptionofre.htm (EX-4.9) — 33KB
• ex311agm-09302024.htm (EX-31.1) — 10KB
• ex312agm-09302024.htm (EX-31.2) — 10KB
• ex32agm-09302024.htm (EX-32) — 7KB
• agm-20240930_g1.jpg (GRAPHIC) — 19KB
• exhibit49descriptionofre001.jpg (GRAPHIC) — 215KB
• exhibit49descriptionofre002.jpg (GRAPHIC) — 229KB
• exhibit49descriptionofre003.jpg (GRAPHIC) — 233KB
• exhibit49descriptionofre004.jpg (GRAPHIC) — 229KB
• exhibit49descriptionofre005.jpg (GRAPHIC) — 255KB
• exhibit49descriptionofre006.jpg (GRAPHIC) — 241KB
• exhibit49descriptionofre007.jpg (GRAPHIC) — 244KB
• exhibit49descriptionofre008.jpg (GRAPHIC) — 263KB
• exhibit49descriptionofre009.jpg (GRAPHIC) — 229KB
• exhibit49descriptionofre010.jpg (GRAPHIC) — 198KB
• 0000845877-24-000243.txt ( ) — 31415KB
• agm-20240930.xsd (EX-101.SCH) — 75KB
• agm-20240930_cal.xml (EX-101.CAL) — 153KB
• agm-20240930_def.xml (EX-101.DEF) — 728KB
• agm-20240930_lab.xml (EX-101.LAB) — 1003KB
• agm-20240930_pre.xml (EX-101.PRE) — 881KB
• agm-20240930_htm.xml (XML) — 7340KB

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 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 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 58

Forward-Looking Statements

Forward-Looking Statements 58 Overview 60 Use of Non-GAAP Measures 64 Results of Operations 66 Outlook 85 Balance Sheet Review 91 Risk Management 91 Liquidity and Capital Resources 108 Other Matters 110 Supplemental Information 110 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 114 Item 4.

Controls and Procedures

Controls and Procedures 115 PART II 116 Item 1.

Legal Proceedings

Legal Proceedings 116 Item 1A.

Risk Factors

Risk Factors 116 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 116 Item 3. Defaults Upon Senior Securities 116 Item 4. Mine Safety Disclosures 116 Item 5. Other Information 117 Item 6. Exhibits 118

Signatures

Signatures 118 2 PART I

Financial Statements

Item 1. Financial Statements FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) As of September 30, 2024 December 31, 2023 (in thousands) Assets: Cash and cash equivalents $ 842,056 $ 888,707 Investment securities: Available-for-sale, at fair value (amortized cost of $ 5,941,321 and $ 5,060,135 , respectively) 5,877,936 4,918,931 Held-to-maturity, at amortized cost 9,270 53,756 Other investments 8,587 6,817 Total Investment Securities 5,895,793 4,979,504 Farmer Mac Guaranteed Securities: Available-for-sale, at fair value (amortized cost of $ 5,939,268 and $ 5,825,433 , respectively) 5,761,691 5,532,479 Held-to-maturity, at amortized cost 2,961,071 4,213,069 Total Farmer Mac Guaranteed Securities 8,722,762 9,745,548 USDA Securities: Trading, at fair value 842 1,241 Held-to-maturity, at amortized cost 2,343,873 2,354,171 Total USDA Securities 2,344,715 2,355,412 Loans: Loans held for investment, at amortized cost 10,668,844 9,623,119 Loans held for investment in consolidated trusts, at amortized cost 1,718,440 1,432,261 Allowance for losses ( 19,951 ) ( 16,031 ) Total loans, net of allowance 12,367,333 11,039,349 Financial derivatives, at fair value 49,197 37,478 Accrued interest receivable (includes $ 14,781 and $ 16,764 , respectively, related to consolidated trusts) 253,102 287,128 Guarantee and commitment fees receivable 46,077 49,832 Deferred tax asset, net — 8,470 Prepaid expenses and other assets 94,186 132,954 Total Assets $ 30,615,221 $ 29,524,382 Liabilities and Equity: Liabilities: Notes payable $ 27,129,456 $ 26,336,542 Debt securities of consolidated trusts held by third parties 1,616,513 1,351,069 Financial derivatives, at fair value 64,351 117,131 Accrued interest payable (includes $ 8,236 and $ 9,407 , respectively, related to consolidated trusts) 214,644 181,841 Guarantee and commitment obligation 43,939 47,563 Accounts payable and accrued expenses 81,697

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 nine months ended September 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 Securities; a

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View this 10-Q filing on SEC EDGAR