FEDERAL AGRICULTURAL MORTGAGE CORPORATION AGM Income Statement

Federal agricultural mortgage corporation (AGM)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Interest income:
Investments and cash equivalents
81,522	55,179	34,586	27,042	13,338	17,269	21,940	24,729	-	-	-
Farmer Mac Guaranteed Securities and USDA Securities
333,896	290,953	203,796	150,281	134,443	128,923	139,730	136,297	-	-	-
Loans
229,675	198,152	162,150	134,577	117,042	94,875	85,059	103,644	119,176	124,472	37,987
Total interest income
645,093	544,284	400,532	311,900	264,823	241,067	246,729	264,670	274,687	238,711	176,493
Total interest expense
471,958	369,848	242,885	171,626	139,016	170,720	137,276	142,690	153,382	142,668	90,585
Net interest income
173,135	174,436	157,647	140,274	125,807	70,347	109,453	121,980	121,305	96,043	85,908
(Provision for)/release of losses
3,504	238	1,708	1,065	2,388	-961	-481	3,691	610	1,893	-
Net interest income after (provision for)/release of losses
169,631	174,198	155,939	139,209	123,419	71,308	109,934	118,289	120,695	94,150	83,055
Non-interest (expense)/income:
Guarantee and commitment fees
13,666	13,976	14,114	14,868	14,077	14,694	15,627	24,963	24,821	24,091	31,805
Losses on financial derivatives
5,282	-3,687	753	2,311	2,531	-21,646	31,764	-19,829	-92,645	-17,159	21,297
Gains on trading securities
326	81	-24	1,460	1,220	38,629	-819	307	3,455	5,270	43,273
(Losses)/gains on sale of available-for-sale investment securities
-236	0	89	-9	9	-238	2,113	18	269	266	3,353
Other-than-temporary impairment losses
-	-	-	-	-	-	-	-	-	-	3,994
Gains (Losses) on Extinguishment of Debt
-	-	-	-	-	-	1,462	0	0	-	-
Gains on sale of loans
-	-	-	-	-	-	-	-	-	-	1,581
Gains on sale of real estate owned
0	-7	1,748	15	-1	137	1,236	878	974	10	0
Real estate owned operating costs, net
64	16	23	39	91	110	423	134	823	2,171	353
(Provision for)/release of reserve for losses
-3	97	50	-63	-2,180	-2,205	929	-1,816	-2,957	2,417	-
Lower of cost or fair value adjustment on loans held for sale
-	-	-	-	-	-	-	-5,943	8,887	-8,748	-139
Other income
1,904	1,377	832	1,823	2,305	1,714	3,057	3,341	6,850	1,244	1,578
Non-interest (expense)/income
20,942	11,740	17,512	20,468	20,141	33,290	54,440	3,735	-47,389	4,974	98,754
Operating expenses:
Compensation and employee benefits
28,762	27,534	24,233	22,772	22,047	19,009	17,817	19,186	17,884	17,232	13,683
General and administrative
20,311	19,707	15,959	15,109	13,111	12,197	11,563	11,123	9,732	8,564	11,167
Regulatory fees
2,788	2,562	2,500	2,463	2,413	2,381	2,375	2,281	2,277	2,243	2,100
Provision for (release of) losses
-	-	-	-	-	-	-	-	-	-	-2,389
Other Expenses
-	-	-	-	-	-	-	-	900	0	0
Non-interest expense
51,922	49,916	42,765	40,320	35,482	31,492	33,107	30,908	28,659	32,627	29,692
Income before income taxes
138,651	136,022	130,686	119,357	108,078	73,106	131,267	91,116	44,647	66,497	152,117
Income tax expense
29,105	27,942	46,369	42,057	34,239	2,824	33,752	22,156	5,797	13,797	52,517
Net income
109,546	108,080	84,317	77,300	73,839	70,282	97,515	68,960	38,850	52,700	99,600
Less: Net loss attributable to non-controlling interest
0	0	-165	-34	5,139	22,192	22,187	22,187	22,187	20,707	0
Net income attributable to Farmer Mac
109,546	108,080	84,482	77,334	68,700	48,090	75,328	46,773	16,663	31,993	99,600
Preferred stock dividends
13,940	13,182	13,182	13,182	13,182	9,839	3,495	2,879	2,879	4,129	17,302
Loss on retirement of preferred stock
1,956	0	0	-	-	-	-	-	-	5,784	0
Preferred Stock Redemption Premium
-	-	-	-	8,147	0	0	-	-	-	-
Net income attributable to common stockholders
93,650	94,898	71,300	64,152	47,371	38,251	71,833	43,894	13,784	22,080	82,298
Earnings per common share:
Basic earnings per common share (in dollars per share)
8.76	8.91	6.73	6.12	4.33	3.50	6.64	4.19	1.33	2.16	8.12
Diluted earnings per common share (in dollars per share)
8.69	8.83	6.60	5.97	4.19	3.37	6.41	3.98	1.28	2.08	8.04
Common Stock, Dividends, Per Share, Declared
-	-	-	0.26	-	-	-	-	-	0.20	0.20