Federal agricultural mortgage corporation (AGM)
Income statement / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
Interest income:
Investments and cash equivalents

80,556

81,522

78,216

70,484

62,423

55,179

48,433

42,533

38,806

34,586

31,641

29,412

27,604

27,042

24,429

20,620

17,154

13,338

11,568

12,890

14,897

17,269

20,108

0

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Farmer Mac Guaranteed Securities and USDA Securities

320,002

333,896

330,103

325,324

313,934

290,953

270,297

247,777

223,704

203,796

186,321

170,100

157,293

150,281

143,773

139,646

136,831

134,443

132,196

130,726

129,199

128,923

131,081

0

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Loans

238,874

229,675

220,273

213,903

203,896

198,152

190,472

180,774

170,951

162,150

152,440

145,925

139,729

134,577

130,019

125,341

120,778

117,042

114,227

110,867

108,470

94,875

92,123

90,421

0

-

0

0

-

-

-

-

-

-

0

-

-

0

0

Total interest income

639,432

645,093

628,592

609,711

580,253

544,284

509,202

471,084

433,461

400,532

370,402

345,437

324,626

311,900

298,221

285,607

274,763

264,823

257,991

254,483

252,566

241,067

229,517

229,082

226,352

235,398

242,369

243,204

253,037

264,670

281,161

288,472

283,746

274,687

260,620

246,826

0

0

0

Total interest expense

465,584

471,958

462,611

438,784

408,447

369,848

335,699

303,077

269,656

242,885

217,325

196,359

180,921

171,626

163,689

154,455

146,105

139,016

147,031

161,182

169,156

170,720

161,891

147,792

138,874

137,276

134,857

133,518

136,895

142,690

148,609

154,573

155,252

153,382

147,631

143,938

0

0

0

Net interest income

173,848

173,135

165,981

170,927

171,806

174,436

173,503

168,007

163,805

157,647

153,077

149,078

143,705

140,274

134,532

131,152

128,658

125,807

110,960

93,301

83,410

70,347

67,626

81,290

87,478

98,122

107,512

109,686

116,142

121,980

132,552

133,899

128,494

121,305

112,989

102,888

0

0

0

(Provision for)/release of losses

7,206

3,504

1,220

559

405

238

566

737

640

1,708

1,695

1,616

1,653

1,065

3,970

2,615

2,361

2,388

-1,440

235

-1,458

-961

-382

-1,392

-338

-481

3,756

4,392

3,701

3,691

-1,145

-1,631

-251

610

680

2,899

0

0

0

Net interest income after (provision for)/release of losses

166,642

169,631

164,761

170,368

171,401

174,198

172,937

167,270

163,165

155,939

151,382

147,462

142,052

139,209

130,562

128,537

126,297

123,419

112,400

93,066

84,868

71,308

68,008

82,682

87,816

98,603

103,756

105,294

112,441

118,289

133,697

135,530

128,745

120,695

111,485

102,905

0

0

0

Non-interest (expense)/income:
Guarantee and commitment fees

13,349

13,666

13,771

13,912

13,990

13,976

13,954

13,778

13,769

14,114

14,419

14,903

15,086

14,868

14,859

14,593

14,326

14,077

13,860

13,972

14,287

14,694

17,899

21,074

24,130

26,958

26,758

26,340

25,645

24,963

24,361

24,108

24,364

24,821

24,832

24,394

0

0

0

Losses on financial derivatives

-3,656

5,282

-1,806

6,182

-197

-3,687

-2,465

-2,432

-5,583

753

17,920

15,658

11,579

2,311

-11,487

-19,454

-369

2,531

-8,239

2,137

-17,950

-21,646

-3,205

-989

19,692

31,764

26,006

24,540

-21,735

-19,829

-33,611

-103,736

-90,250

-92,645

-89,232

-36,505

0

0

0

Gains on trading securities

388

326

211

159

109

81

84

87

74

-24

-558

624

1,020

1,460

2,630

1,440

1,216

1,220

14,381

30,758

38,336

38,629

24,696

7,701

-374

-819

1,992

2,177

-582

307

1,381

-1,811

3,243

3,455

-2,076

6,615

0

0

0

(Losses)/gains on sale of available-for-sale investment securities

-

0

-

-

-

-

-

-

-

-

0

-

-

-9

-9

-6

-6

9

9

-390

-247

-238

-1,198

-802

2,126

2,113

3,063

3,063

-8

18

28

102

140

269

293

219

0

0

0

Gains (Losses) on Extinguishment of Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

0

-

-

-

-

-

-

-

-

-

-

Gains on sale of real estate owned

485

0

0

-41

-7

-7

0

0

-

1,748

784

767

10

15

15

0

0

-1

-29

-29

139

137

191

230

1,186

1,236

1,839

1,787

925

878

503

512

877

974

720

724

0

0

0

Real estate owned operating costs, net

-

-

64

64

-

16

16

16

39

23

23

23

0

39

83

131

131

91

95

48

107

110

97

355

0

-

0

0

-

-

-

-

-

-

0

-

-

0

0

(Provision for)/release of reserve for losses

519

-3

-404

-369

-53

97

67

283

264

50

111

-225

-270

-63

-3,529

-2,446

-1,394

-2,180

1,218

-958

-3,078

-2,205

-1,725

-585

0

-

0

0

-

-

-

-

-

-

0

-

-

0

0

Lower of cost or fair value adjustment on loans held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,943

0

9,851

9,695

8,887

7,981

-1,780

0

0

0

Other income

2,227

1,904

1,496

1,331

1,296

1,377

1,201

1,039

853

832

1,492

1,996

2,275

1,823

1,593

1,946

1,793

2,305

2,853

2,295

2,235

1,714

1,333

1,396

2,069

3,057

3,408

3,802

3,700

3,341

3,553

3,320

3,673

6,850

5,888

5,373

0

0

0

Non-interest (expense)/income

12,164

21,071

13,801

21,672

15,320

11,740

13,731

13,591

10,955

17,512

34,146

33,948

29,970

20,468

7,601

-1,481

16,960

20,141

22,835

48,743

36,800

33,290

41,178

30,072

50,291

65,771

57,123

55,766

2,002

3,735

-3,785

-67,654

-48,258

-47,389

-51,594

-960

0

0

0

Operating expenses:
Compensation and employee benefits

31,283

28,762

29,197

28,320

28,486

27,534

25,614

24,824

24,570

24,233

24,935

24,386

23,315

22,772

22,208

22,006

22,128

22,047

21,633

21,090

20,246

19,009

18,561

18,439

0

-

0

0

-

-

-

-

-

-

0

-

-

0

0

General and administrative

21,078

20,311

20,367

19,464

19,977

19,707

18,226

17,766

16,485

15,959

15,963

15,547

15,383

15,109

13,995

14,197

13,814

13,111

12,865

12,312

12,226

12,197

12,032

11,624

0

-

0

0

-

-

-

-

-

-

0

-

-

0

0

Regulatory fees

2,825

2,788

2,750

2,687

2,625

2,562

2,500

2,500

2,500

2,500

2,500

2,488

2,475

2,463

2,451

2,438

2,426

2,413

2,400

2,393

2,387

2,381

2,374

2,375

0

-

0

0

-

-

-

-

-

-

0

-

-

0

0

Operating expenses

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for (release of) losses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Other Expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

0

0

Non-interest expense

-

51,922

51,974

50,166

-

49,916

46,423

45,389

43,858

42,765

43,532

42,219

40,903

40,320

35,208

36,326

37,105

35,482

38,211

34,885

31,888

31,492

30,519

31,865

31,973

33,107

31,595

30,902

32,147

30,908

32,039

31,841

29,823

28,659

29,557

31,868

0

0

0

Income before income taxes

123,430

138,651

126,459

141,745

135,557

136,022

140,245

135,472

130,262

130,686

141,996

139,191

131,119

119,357

102,955

90,730

106,152

108,078

97,024

106,924

89,780

73,106

78,667

80,889

106,134

131,267

129,284

130,158

82,296

91,116

97,873

36,035

50,664

44,647

30,334

70,077

0

0

0

Income tax expense

26,224

29,105

26,555

29,905

28,126

27,942

35,015

38,229

42,021

46,369

48,896

48,232

45,508

42,057

36,176

31,974

37,343

34,239

27,096

28,333

8,196

2,824

3,829

4,491

23,895

33,752

34,815

34,883

19,218

22,156

25,191

2,766

7,934

5,797

-1,190

13,697

0

0

0

Net income

-

-

-

0

-

108,080

-

0

-

84,317

93,100

90,959

85,611

77,300

66,779

58,756

68,809

73,839

69,928

78,591

81,584

70,282

74,838

76,398

82,239

97,515

94,469

95,275

63,078

68,960

72,682

33,269

42,730

38,850

31,524

56,380

0

0

0

Less: Net loss attributable to non-controlling interest

-

-

-

-

-

-

-

-

-

-165

-137

-155

-21

-34

-122

-140

-243

5,139

10,613

16,061

21,999

22,192

22,324

22,459

22,187

22,187

22,187

22,187

22,187

22,187

22,187

22,187

22,187

22,187

22,187

22,186

0

0

0

Net income attributable to Farmer Mac

97,206

109,546

99,904

111,840

107,431

108,080

105,230

97,243

88,391

84,482

93,237

91,114

85,632

77,334

66,901

58,896

69,052

68,700

59,315

62,530

59,585

48,090

52,514

53,939

60,052

75,328

72,282

73,088

40,891

46,773

50,495

11,082

20,543

16,663

9,337

34,194

0

0

0

Preferred stock dividends

14,075

13,940

13,804

13,672

13,183

13,182

13,182

13,182

13,182

13,182

13,182

13,182

13,182

13,182

13,182

13,182

13,182

13,182

13,182

13,170

12,182

9,839

7,425

5,023

3,596

3,495

3,333

3,171

3,010

2,879

2,879

2,879

2,879

2,879

2,879

2,880

0

0

0

Loss on retirement of preferred stock

-

0

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Preferred Stock Redemption Premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,147

8,147

8,147

8,147

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income attributable to common stockholders

81,175

93,650

84,144

96,212

94,248

94,898

92,048

84,061

75,209

71,300

80,055

77,932

72,450

64,152

53,719

45,714

55,870

47,371

37,986

41,213

39,256

38,251

45,089

48,916

56,456

71,833

68,949

69,917

37,881

43,894

47,616

8,203

17,664

13,784

6,458

31,314

0

0

0

Earnings per common share:
Basic earnings per common share (in dollars per share)

0.88

2.72

1.34

2.65

2.05

1.84

2.48

2.47

2.12

1.58

1.74

1.65

1.76

2.42

1.56

1.15

0.99

1.39

0.76

2.01

0.17

0.52

1.06

1.85

0.07

1.14

1.42

2.57

1.51

0.91

1.56

-0.41

2.14

1.29

-2.22

0.50

1.78

0.58

0.18

Diluted earnings per common share (in dollars per share)

0.87

2.70

1.33

2.63

2.03

1.82

2.46

2.45

2.10

1.54

1.71

1.62

1.73

2.36

1.54

1.13

0.94

1.35

0.74

1.94

0.16

0.50

1.02

1.78

0.07

1.11

1.37

2.48

1.45

0.87

1.49

-0.41

2.04

1.23

-2.22

0.48

1.72

0.56

0.17

Common Stock, Dividends, Per Share, Declared

-

-

-

-

-

-

-

-

-

-

0.36

0.36

0.36

-0.52

0.26

0.26

0.26

-

0.16

0.16

0.16

-

0.14

0.14

0.14

-

0.12

0.12

-

-

-

-

-

0.05

0.05

0.05

0.05

0.05

0.05