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– Exceptional Trade Quantity of $28.8 Billion –
WASHINGTON, Aug. 5, 2024 /PRNewswire/ — The Federal Agricultural Loan Company (Farmer Mac; NYSE: AGM and AGM.A), the people’s secondary marketplace supplier that will increase the accessibility of financing for American agriculture and rural infrastructure, these days introduced its effects for the fiscal quarter ended June 30, 2024.
“We are pleased to deliver another strong earnings quarter, driven by our successful efforts over the last few years to grow and diversify our revenue streams, while maintaining disciplined asset liability management and a strong capital base,” mentioned President and Prominent Government Officer, Brad Nordholm. “Our second quarter results highlight continued growth in net effective spread, an operating efficiency ratio better than our long-term strategic target, and a double digit return on equity. While we continue to operate against an uncertain economic, credit and interest rate backdrop, we believe our resilient business model positions us well to not only make progress on our strategic growth objectives but also to continue to fulfill our mission to serve America’s rural and agricultural communities and create more opportunities to enhance shareholder value in changing credit markets.”
2d Quarter 2024 Highlights
- Supplied $1.5 billion in liquidity and lending capability to lenders serving rural The usa
- Internet curiosity source of revenue grew 11% year-over-year to $87.3 million
- Internet efficient unfold1 higher 2% from the prior-year duration to $83.6 million
- Internet source of revenue resulting from familiar stockholders declined $0.1 million year-over-year to $40.3 million
- Core income1 used to be $39.8 million, or $3.63 in keeping with diluted familiar proportion
- Maintained sturdy capital place with complete core capital of $1.5 billion, exceeding statutory requirement through 71% and a Tier 1 Capital Ratio of 15.3% as of June 30, 2024
- As of June 30, 2024, Farmer Mac had 283 days of liquidity
- Closed the fourth structured securitization transaction involving roughly $300 million of agricultural loan loans
|
$ in hundreds, with the exception of in keeping with |
Quarter Ended |
||||
|
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
Sequential % |
YOY % Alternate |
|
|
Internet Alternate in Trade Quantity |
$(88,891) |
$376,206 |
$252,934 |
N/A |
N/A |
|
Internet Hobby Source of revenue (GAAP) |
$87,340 |
$86,368 |
$78,677 |
1 % |
11 % |
|
Internet Efficient Unfold (Non-GAAP) |
$83,596 |
$83,044 |
$81,832 |
1 % |
2 % |
|
Diluted EPS (GAAP) |
$3.68 |
$4.28 |
$3.70 |
(14) % |
(1) % |
|
Core EPS (Non-GAAP) |
$3.63 |
$3.96 |
$3.86 |
(8) % |
(6) % |
Profits Convention Name Data
The convention name to talk about Farmer Mac’s 2d quarter 2024 monetary effects shall be held starting at 4:30 p.m. jap pace on Monday, August 5, 2024, and can also be accessed through phone or are living webcast as follows:
Phone (Home): (800) 836-8184
Phone (Global): (646) 357-8785
Webcast: https://www.farmermac.com/investors/events-presentations/
When dialing in to the decision, please ask for the “Farmer Mac Earnings Conference Call.” The decision can also be heard are living and may also be on tap for replay on Farmer Mac’s website online for 2 weeks following the belief of the decision.
Extra entire details about Farmer Mac’s efficiency for 2d quarter 2024 is in Farmer Mac’s
Quarterly Record on Mode 10-Q for the quarter ended June 30, 2024, filed these days with the SEC.
Worth of Non-GAAP Measures
Within the accompanying research of its monetary data, Farmer Mac makes use of “non-GAAP measures,” which might be measures of economic efficiency that don’t seem to be offered in response to GAAP. In particular, Farmer Mac makes use of refer to non-GAAP measures: “core earnings,” “core earnings per share,” and “net effective spread.” Farmer Mac makes use of those non-GAAP measures to measure company financial efficiency and assemble monetary plans as a result of, in control’s view, they’re helpful spare measures in working out Farmer Mac’s financial efficiency, transaction economics, and industry traits. The non-GAAP monetary measures that Farmer Mac makes use of is probably not similar to in a similar way categorised non-GAAP monetary measures disclosed through alternative corporations. Farmer Mac’s disclosure of those non-GAAP measures is meant to be supplemental in nature and isn’t intended to be thought to be in isolation from, as an alternative to, or as extra impressive than, the alike monetary data ready in response to GAAP.
Core Profits and Core Profits According to Percentage
The principle residue between core income and core income in keeping with proportion (non-GAAP measures) and internet source of revenue resulting from familiar stockholders and income in keeping with familiar proportion (GAAP measures) is that the ones non-GAAP measures exclude the consequences of truthful worth fluctuations. Those fluctuations don’t seem to be anticipated to have a cumulative internet affect on Farmer Mac’s monetary status or result of operations reported in response to GAAP if the alike monetary tools are held to adulthood, as is predicted. Every other residue is that those two non-GAAP measures exclude specified rare or peculiar transactions that we consider don’t seem to be indicative of pace running effects and that won’t replicate the traits and financial monetary efficiency of Farmer Mac’s core industry. As an example, in prior sessions, we excluded any losses on departure of most well-liked hold from core income and core income in keeping with proportion. Farmer Mac redeemed all remarkable stocks of its Layout C Most well-liked Retain on July 18, 2024 and plans to exclude any losses on departure of most well-liked hold from core income and core income in keeping with proportion within the presentation of its monetary effects for 1/3 quarter 2024. For a reconciliation of Farmer Mac’s internet source of revenue resulting from familiar stockholders to core income and of income in keeping with familiar proportion to core income in keeping with proportion, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations —Results of Operations” in Farmer Mac’s Annual Record on Mode 10-Q for the quarter ended June 30, 2024, filed August 5, 2024 with the SEC.
Internet Efficient Unfold
Farmer Mac makes use of internet efficient unfold to measure the web unfold Farmer Mac earns between its interest-earning property and the alike internet investment prices of those property. As additional defined underneath, internet efficient unfold differs from internet curiosity source of revenue and internet curiosity turnover through except for sure pieces from internet curiosity source of revenue and internet curiosity turnover and together with sure alternative pieces that internet curiosity source of revenue and internet curiosity turnover don’t include.
Farmer Mac excludes from internet efficient unfold the curiosity source of revenue and curiosity expense related to the consolidated trusts and the typical stability of the loans underlying those trusts to replicate control’s view that the web curiosity source of revenue Farmer Mac earns at the alike Farmer Mac Assured Securities owned through 1/3 events is successfully a agreement price. Accordingly, the excluded curiosity source of revenue and curiosity expense related to consolidated trusts is reclassified to agreement and constancy charges in figuring out Farmer Mac’s core income. Farmer Mac additionally excludes from internet efficient unfold the truthful worth adjustments of economic derivatives and the corresponding property or liabilities designated in truthful worth hedge accounting relationships as a result of they don’t seem to be anticipated to have an financial impact on Farmer Mac’s monetary efficiency, as we think to secure the monetary derivatives and corresponding hedged pieces to adulthood.
Internet efficient unfold additionally differs from internet curiosity source of revenue and internet curiosity turnover as it comprises the accrual of source of revenue and expense alike to the contractual quantities due on monetary derivatives that don’t seem to be designated in hedge accounting relationships (“undesignated financial derivatives”). Farmer Mac makes use of rate of interest swaps to supremacy its rate of interest chance publicity through synthetically editing the rate of interest reset or adulthood traits of sure property and liabilities. The accrual of the contractual quantities due on rate of interest swaps designated in hedge accounting relationships is integrated as an adjustment to the turnover or value of the hedged merchandise and is integrated in internet curiosity source of revenue. For undesignated monetary derivatives, Farmer Mac information the source of revenue or expense alike to the accrual of the contractual quantities due in “(Losses)/gains on financial derivatives” at the consolidated statements of operations. Alternatively, the accrual of the contractual quantities due for undesignated monetary derivatives are integrated in Farmer Mac’s calculation of internet efficient unfold.
Internet efficient unfold additionally differs from internet curiosity source of revenue and internet curiosity turnover as it comprises the web results of terminations or internet settlements on monetary derivatives, which encompass: (1) the web results of money settlements on company ahead assurances at the debt of alternative GSEs and U.S. Treasury safety futures that we importance as momentary financial hedges at the issuance of debt; and (2) the web results of preliminary money bills that Farmer Mac receives upon the inception of sure swaps. The inclusion of this stuff in internet efficient unfold is meant to replicate our view of your entire internet unfold between an asset and all of its alike investment, together with any related derivatives, possibly sooner they’re designated in a hedge accounting courting.
Extra details about Farmer Mac’s importance of non-GAAP measures is on tap in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Farmer Mac’s Annual Record on Mode 10-Okay for the yr ended December 31, 2023, filed February 23, 2024 with the SEC. For a reconciliation of Farmer Mac’s internet source of revenue resulting from familiar stockholders to core income and of income in keeping with familiar proportion to core income in keeping with proportion, and internet curiosity source of revenue and internet curiosity turnover to internet efficient unfold, see “Reconciliations” underneath.
Ahead-Having a look Statements
Control’s expectancies for Farmer Mac’s pace essentially contain suppositions, estimates, and the analysis of dangers and uncertainties. Diverse components or occasions, each recognized and unknown, may motive Farmer Mac’s untouched effects to fluctuate materially from the expectancies as expressed or implied through the forward-looking statements on this leave, together with uncertainties about:
- the provision to Farmer Mac of debt and fairness financing and, if on tap, the reasonableness of charges and phrases;
- legislative or regulatory tendencies that would have an effect on Farmer Mac, its resources of commercial, or agricultural or rural infrastructure industries;
- fluctuations within the truthful worth of property held through Farmer Mac and its subsidiaries;
- the extent of lender curiosity in Farmer Mac’s merchandise and the secondary marketplace equipped through Farmer Mac;
- the overall charge of enlargement in agricultural loan and rural infrastructure indebtedness;
- the impact of financial situations stemming from disruptive international occasions or another way on agricultural loan or rural infrastructure lending, borrower compensation capability, or collateral values, together with inflation, fluctuations in rates of interest, adjustments in U.S. industry insurance policies, fluctuations in export call for for U.S. agricultural merchandise and foreign currencies trade charges, provide chain disruptions, will increase in enter prices, hard work availability, and volatility in commodity costs;
- the stage to which Farmer Mac is uncovered to rate of interest chance attributable to fluctuations in Farmer Mac’s borrowing prices relative to marketplace indexes;
- tendencies within the monetary markets, together with imaginable investor, analyst, and score company reactions to occasions involving government-sponsored enterprises, together with Farmer Mac;
- the consequences of the Federal Retain’s efforts to reach financial coverage normalization to answer inflation and office ranges; and
- alternative components that would obstruct agricultural loan lending or borrower compensation capability, together with the consequences of extreme climate, overpouring and drought, situation exchange, or fluctuations in agricultural actual property values.
Alternative chance components are mentioned in “Risk Factors” in Phase I, Merchandise 1A in Farmer Mac’s Annual Record on Mode 10-Okay for the yr ended December 31, 2023, as filed with the SEC on February 23, 2024. Making an allowance for those possible dangers and uncertainties, negative undue reliance will have to be put on any forward-looking statements expressed on this leave. The forward-looking statements contained on this leave constitute control’s expectancies as of the time of this leave. Farmer Mac undertakes negative legal responsibility to leave publicly the result of revisions to any forward-looking statements integrated on this leave to replicate brandnew data or any pace occasions or instances, with the exception of as another way required through acceptable legislation. The tips on this leave isn’t essentially indicative of pace effects.
About Farmer Mac
Farmer Mac is pushed through its undertaking to extend the accessibility of financing for American agriculture and rural infrastructure. Because the people’s premier secondary marketplace for agricultural credit score, we handover monetary answers to a extensive spectrum of shoppers supporting rural The usa, together with agricultural lenders, agribusinesses, and rural electrical cooperatives. We’re uniquely situated to facilitate aggressive get admission to to financing that fuels enlargement, innovation, and prosperity in The usa’s rural and agricultural communities. Spare details about Farmer Mac (together with the Annual Record on Mode 10-Okay referenced above) is on tap on our website online at www.farmermac.com.
|
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES |
|||
|
As of |
|||
|
June 30, 2024 |
December 31, 2023 |
||
|
(in hundreds) |
|||
|
Property: |
|||
|
Money and money equivalents |
$ 922,961 |
$ 888,707 |
|
|
Funding securities: |
|||
|
To be had-for-sale, at truthful worth (amortized value of $5,410,032 and $5,060,135, respectively) |
5,248,715 |
4,918,931 |
|
|
Held-to-maturity, at amortized value |
9,270 |
53,756 |
|
|
Alternative investments |
7,398 |
6,817 |
|
|
General Funding Securities |
5,265,383 |
4,979,504 |
|
|
Farmer Mac Assured Securities: |
|||
|
To be had-for-sale, at truthful worth (amortized value of $5,755,298 and $5,825,433, respectively) |
5,399,151 |
5,532,479 |
|
|
Held-to-maturity, at amortized value |
3,929,068 |
4,213,069 |
|
|
General Farmer Mac Assured Securities |
9,328,219 |
9,745,548 |
|
|
USDA Securities: |
|||
|
Buying and selling, at truthful worth |
1,026 |
1,241 |
|
|
Held-to-maturity, at amortized value |
2,330,535 |
2,354,171 |
|
|
General USDA Securities |
2,331,561 |
2,355,412 |
|
|
Loans: |
|||
|
Loans held for funding, at amortized value |
10,041,653 |
9,623,119 |
|
|
Loans held for funding in consolidated trusts, at amortized value |
1,761,355 |
1,432,261 |
|
|
Allowance for losses |
(16,500) |
(16,031) |
|
|
General loans, internet of allowance |
11,786,508 |
11,039,349 |
|
|
Monetary derivatives, at truthful worth |
53,686 |
37,478 |
|
|
Gathered curiosity receivable (comprises $21,711 and $16,764, respectively, alike to consolidated trusts) |
285,774 |
287,128 |
|
|
Agreement and constancy charges receivable |
46,754 |
49,832 |
|
|
Deferred tax asset, internet |
— |
8,470 |
|
|
Pay as you go bills and alternative property |
173,468 |
132,954 |
|
|
General Property |
$ 30,194,314 |
$ 29,524,382 |
|
|
Liabilities and Fairness: |
|||
|
Liabilities: |
|||
|
Notes payable |
$ 26,542,671 |
$ 26,336,542 |
|
|
Debt securities of consolidated trusts held through 1/3 events |
1,662,549 |
1,351,069 |
|
|
Monetary derivatives, at truthful worth |
118,421 |
117,131 |
|
|
Gathered curiosity payable (comprises $10,275 and $9,407, respectively, alike to consolidated trusts) |
194,171 |
181,841 |
|
|
Agreement and constancy legal responsibility |
44,758 |
47,563 |
|
|
Accounts payable and collected bills |
125,267 |
76,662 |
|
|
Deferred tax legal responsibility, internet |
3,804 |
— |
|
|
Retain for losses |
1,694 |
1,711 |
|
|
General Liabilities |
28,693,335 |
28,112,519 |
|
|
Constancy and Contingencies |
|||
|
Fairness: |
|||
|
Most well-liked hold: |
|||
|
Layout C, par worth $25 in keeping with proportion, 3,000,000 stocks licensed, issued and remarkable |
73,382 |
73,382 |
|
|
Layout D, par worth $25 in keeping with proportion, 4,000,000 stocks licensed, issued and remarkable |
96,659 |
96,659 |
|
|
Layout E, par worth $25 in keeping with proportion, 3,180,000 stocks licensed, issued and remarkable |
77,003 |
77,003 |
|
|
Layout F, par worth $25 in keeping with proportion, 4,800,000 stocks licensed, issued and remarkable |
116,160 |
116,160 |
|
|
Layout G, par worth $25 in keeping with proportion, 5,000,000 stocks licensed, issued and remarkable |
121,327 |
121,327 |
|
|
Familiar hold: |
|||
|
Elegance A Vote casting, $1 par worth, negative most authorization, 1,030,780 stocks remarkable |
1,031 |
1,031 |
|
|
Elegance B Vote casting, $1 par worth, negative most authorization, 500,301 stocks remarkable |
500 |
500 |
|
|
Elegance C Non-Vote casting, $1 par worth, negative most authorization, 9,350,240 stocks and 9,310,872 stocks remarkable, respectively |
9,350 |
9,311 |
|
|
Spare paid-in capital |
134,143 |
132,919 |
|
|
Gathered alternative complete loss, internet of tax |
(9,141) |
(40,145) |
|
|
Retained income |
880,565 |
823,716 |
|
|
General Fairness |
1,500,979 |
1,411,863 |
|
|
General Liabilities and Fairness |
$ 30,194,314 |
$ 29,524,382 |
|
|
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES |
|||||||
|
For the 3 Months Ended |
For the six months ended |
||||||
|
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||
|
(in hundreds, with the exception of in keeping with proportion quantities) |
|||||||
|
Hobby source of revenue: |
|||||||
|
Investments and money equivalents |
$ 84,538 |
$ 69,779 |
$ 169,462 |
$ 129,482 |
|||
|
Farmer Mac Assured Securities and USDA Securities |
166,063 |
144,761 |
332,876 |
281,298 |
|||
|
Loans |
153,105 |
129,292 |
297,685 |
248,324 |
|||
|
General curiosity source of revenue |
403,706 |
343,832 |
800,023 |
659,104 |
|||
|
General curiosity expense |
316,366 |
265,155 |
626,315 |
501,369 |
|||
|
Internet curiosity source of revenue |
87,340 |
78,677 |
173,708 |
157,735 |
|||
|
Provision for losses |
(6,179) |
(1,073) |
(4,378) |
(1,620) |
|||
|
Internet curiosity source of revenue upcoming provision for losses |
81,161 |
77,604 |
169,330 |
156,115 |
|||
|
Non-interest source of revenue/(expense): |
|||||||
|
Agreement and constancy charges |
3,797 |
3,489 |
7,714 |
7,422 |
|||
|
(Losses)/positive factors on monetary derivatives |
(1,799) |
1,693 |
280 |
2,092 |
|||
|
Losses on sale of loan loans |
(1,147) |
— |
(1,147) |
— |
|||
|
Positive aspects on sale of available-for-sale funding securities |
1,052 |
— |
1,052 |
— |
|||
|
(Provision for)/leave of keep for losses |
(51) |
(69) |
18 |
(272) |
|||
|
Alternative source of revenue |
674 |
758 |
1,923 |
1,984 |
|||
|
Non-interest source of revenue |
2,526 |
5,871 |
9,840 |
11,226 |
|||
|
Running bills: |
|||||||
|
Reimbursement and worker advantages |
14,840 |
13,937 |
33,097 |
29,288 |
|||
|
Normal and administrative |
8,904 |
9,420 |
17,159 |
16,947 |
|||
|
Regulatory charges |
725 |
831 |
1,450 |
1,666 |
|||
|
Running bills |
24,469 |
24,188 |
51,706 |
47,901 |
|||
|
Source of revenue sooner than source of revenue taxes |
59,218 |
59,287 |
127,464 |
119,440 |
|||
|
Source of revenue tax expense |
12,113 |
12,075 |
26,613 |
25,193 |
|||
|
Internet source of revenue |
47,105 |
47,212 |
100,851 |
94,247 |
|||
|
Most well-liked hold dividends |
(6,792) |
(6,791) |
(13,583) |
(13,582) |
|||
|
Internet source of revenue resulting from familiar stockholders |
$ 40,313 |
$ 40,421 |
$ 87,268 |
$ 80,665 |
|||
|
Profits in keeping with familiar proportion: |
|||||||
|
Ordinary income in keeping with familiar proportion |
$ 3.71 |
$ 3.73 |
$ 8.04 |
$ 7.46 |
|||
|
Diluted income in keeping with familiar proportion |
$ 3.68 |
$ 3.70 |
$ 7.96 |
$ 7.39 |
|||
Reconciliations
Reconciliations of Farmer Mac’s internet source of revenue resulting from familiar stockholders to core income and core income in keeping with proportion are offered in refer to tables at the side of details about the composition of core income for the sessions indicated:
|
Reconciliation of Internet Source of revenue Because of Familiar Stockholders to Core Profits |
|||||
|
For the 3 Months Ended |
|||||
|
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
|||
|
(in hundreds, with the exception of in keeping with proportion quantities) |
|||||
|
Internet source of revenue resulting from familiar stockholders |
$ 40,313 |
$ 46,955 |
$ 40,421 |
||
|
Much less reconciling pieces: |
|||||
|
(Losses)/positive factors on undesignated monetary derivatives because of truthful worth adjustments |
(359) |
1,683 |
2,141 |
||
|
Positive aspects/(losses) on hedging actions because of truthful worth adjustments |
2,604 |
3,002 |
(4,901) |
||
|
Unrealized losses on buying and selling property |
(87) |
(14) |
(57) |
||
|
Internet results of amortization of premiums/reductions and deferred positive factors on property consolidated at truthful worth |
26 |
31 |
29 |
||
|
Internet results of terminations or internet settlements on monetary derivatives |
(1,505) |
(192) |
583 |
||
|
Source of revenue tax impact alike to reconciling pieces |
(143) |
(947) |
464 |
||
|
Sub-total |
536 |
3,563 |
(1,741) |
||
|
Core income |
$ 39,777 |
$ 43,392 |
$ 42,162 |
||
|
Composition of Core Profits: |
|||||
|
Revenues: |
|||||
|
Internet efficient unfold(1) |
$ 83,596 |
$ 83,044 |
$ 81,832 |
||
|
Agreement and constancy charges(2) |
5,256 |
4,982 |
4,581 |
||
|
Achieve on sale of funding securities (GAAP) |
1,052 |
— |
— |
||
|
Loss on sale of loan mortgage (GAAP) |
(1,147) |
— |
— |
||
|
Alternative(3) |
481 |
1,077 |
409 |
||
|
General revenues |
89,238 |
89,103 |
86,822 |
||
|
Credit score alike expense (GAAP): |
|||||
|
Provision for/(leave of) losses |
6,230 |
(1,870) |
1,142 |
||
|
General credit score alike expense |
6,230 |
(1,870) |
1,142 |
||
|
Running bills (GAAP): |
|||||
|
Reimbursement and worker advantages |
14,840 |
18,257 |
13,937 |
||
|
Normal and administrative |
8,904 |
8,255 |
9,420 |
||
|
Regulatory charges |
725 |
725 |
831 |
||
|
General running bills |
24,469 |
27,237 |
24,188 |
||
|
Internet income |
58,539 |
63,736 |
61,492 |
||
|
Source of revenue tax expense(4) |
11,970 |
13,553 |
12,539 |
||
|
Most well-liked hold dividends (GAAP) |
6,792 |
6,791 |
6,791 |
||
|
Core income |
$ 39,777 |
$ 43,392 |
$ 42,162 |
||
|
Core income in keeping with proportion: |
|||||
|
Ordinary |
$ 3.66 |
$ 4.00 |
$ 3.89 |
||
|
Diluted |
$ 3.63 |
$ 3.96 |
$ 3.86 |
||
|
(1) |
Internet efficient unfold is a non-GAAP measure. See “Use of Non-GAAP Measures” above for an evidence of internet efficient unfold. See underneath for a reconciliation of internet curiosity source of revenue to internet efficient unfold. |
|
(2) |
Comprises curiosity source of revenue and curiosity expense alike to consolidated trusts owned through 1/3 events reclassified from internet curiosity source of revenue to agreement and constancy charges to replicate control’s view that the web curiosity source of revenue Farmer Mac earns is successfully a agreement price at the consolidated Farmer Mac Assured Securities. |
|
(3) |
Displays reconciling changes for the reclassification to exclude bills alike to rate of interest swaps no longer designated as hedges and terminations or internet settlements on monetary derivatives, and reconciling changes to exclude truthful worth changes on monetary derivatives and buying and selling property and the popularity of deferred positive factors over the estimated lives of sure Farmer Mac Assured Securities and USDA Securities. |
|
(4) |
Comprises the tax affect of non-GAAP reconciling pieces between internet source of revenue resulting from familiar stockholders and core income. |
|
Reconciliation of Internet Source of revenue Because of Familiar Stockholders to Core Profits |
|||
|
For the Six Months Ended |
|||
|
June 30, 2024 |
June 30, 2023 |
||
|
(in hundreds, with the exception of in keeping with proportion quantities) |
|||
|
Internet source of revenue resulting from familiar stockholders |
$ 87,268 |
$ 80,665 |
|
|
Much less reconciling pieces: |
|||
|
Positive aspects on undesignated monetary derivatives because of truthful worth adjustments |
1,324 |
3,057 |
|
|
Positive aspects/(losses) on hedging actions because of truthful worth adjustments |
5,606 |
(5,006) |
|
|
Unrealized (losses)/positive factors on buying and selling property |
(101) |
302 |
|
|
Internet results of amortization of premiums/reductions and deferred positive factors on property consolidated at truthful worth |
57 |
58 |
|
|
Internet results of terminations or internet settlements on monetary derivatives |
(1,697) |
1,106 |
|
|
Source of revenue tax impact alike to reconciling pieces |
(1,090) |
102 |
|
|
Sub-total |
4,099 |
(381) |
|
|
Core income |
$ 83,169 |
$ 81,046 |
|
|
Composition of Core Profits: |
|||
|
Revenues: |
|||
|
Internet efficient unfold(1) |
$ 166,640 |
$ 159,005 |
|
|
Agreement and constancy charges(2) |
10,238 |
9,235 |
|
|
Achieve on sale of funding securities (GAAP) |
1,052 |
— |
|
|
Loss on sale of loan mortgage (GAAP) |
(1,147) |
— |
|
|
Alternative(3) |
1,558 |
1,476 |
|
|
General revenues |
178,341 |
169,716 |
|
|
Credit score alike expense (GAAP): |
|||
|
Provision for losses |
4,360 |
1,892 |
|
|
General credit score alike expense |
4,360 |
1,892 |
|
|
Running bills (GAAP): |
|||
|
Reimbursement and worker advantages |
33,097 |
29,288 |
|
|
Normal and administrative |
17,159 |
16,947 |
|
|
Regulatory charges |
1,450 |
1,666 |
|
|
General running bills |
51,706 |
47,901 |
|
|
Internet income |
122,275 |
119,923 |
|
|
Source of revenue tax expense(4) |
25,523 |
25,295 |
|
|
Most well-liked hold dividends (GAAP) |
13,583 |
13,582 |
|
|
Core income |
$ 83,169 |
$ 81,046 |
|
|
Core income in keeping with proportion: |
|||
|
Ordinary |
$ 7.66 |
$ 7.49 |
|
|
Diluted |
$ 7.59 |
$ 7.42 |
|
|
(1) |
Internet efficient unfold is a non-GAAP measure. See “Use of Non-GAAP Measures” above for an evidence of internet efficient unfold. See underneath for a reconciliation of internet curiosity source of revenue to internet efficient unfold. |
|
(2) |
Comprises curiosity source of revenue and curiosity expense alike to consolidated trusts owned through 1/3 events reclassified from internet curiosity source of revenue to agreement and constancy charges to replicate control’s view that the web curiosity source of revenue Farmer Mac earns is successfully a agreement price at the consolidated Farmer Mac Assured Securities. |
|
(3) |
Displays reconciling changes for the reclassification to exclude bills alike to rate of interest swaps no longer designated as hedges and terminations or internet settlements on monetary derivatives, and reconciling changes to exclude truthful worth changes on monetary derivatives and buying and selling property and the popularity of deferred positive factors over the estimated lives of sure Farmer Mac Assured Securities and USDA Securities. |
|
(4) |
Comprises the tax affect of non-GAAP reconciling pieces between internet source of revenue resulting from familiar stockholders and core income. |
|
Reconciliation of GAAP Ordinary Profits According to Percentage to Core Profits Ordinary Profits According to Percentage |
|||||||||
|
For the 3 Months Ended |
For the Six Months Ended |
||||||||
|
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
|||||
|
(in hundreds, with the exception of in keeping with proportion quantities) |
|||||||||
|
GAAP – Ordinary EPS |
$ 3.71 |
$ 4.33 |
$ 3.73 |
$ 8.04 |
$ 7.46 |
||||
|
Much less reconciling pieces: |
|||||||||
|
(Losses)/positive factors on undesignated monetary derivatives because of truthful worth adjustments |
(0.03) |
0.16 |
0.20 |
0.12 |
0.28 |
||||
|
Positive aspects/(losses) on hedging actions because of truthful worth adjustments |
0.24 |
0.28 |
(0.45) |
0.52 |
(0.46) |
||||
|
Unrealized (losses)/positive factors on buying and selling securities |
(0.01) |
— |
— |
(0.01) |
0.03 |
||||
|
Internet results of amortization of premiums/reductions and deferred positive factors on property consolidated at truthful worth |
— |
— |
— |
0.01 |
0.01 |
||||
|
Internet results of terminations or internet settlements on monetary derivatives |
(0.14) |
(0.02) |
0.05 |
(0.16) |
0.10 |
||||
|
Source of revenue tax impact alike to reconciling pieces |
(0.01) |
(0.09) |
0.04 |
(0.10) |
0.01 |
||||
|
Sub-total |
0.05 |
0.33 |
(0.16) |
0.38 |
(0.03) |
||||
|
Core Profits – Ordinary EPS |
$ 3.66 |
$ 4.00 |
$ 3.89 |
$ 7.66 |
$ 7.49 |
||||
|
Stocks old in in keeping with proportion calculation (GAAP and Core Profits) |
10,879 |
10,847 |
10,833 |
10,863 |
10,817 |
||||
|
Reconciliation of GAAP Diluted Profits According to Percentage to Core Profits Diluted Profits According to Percentage |
|||||||||
|
For the 3 Months Ended |
For the Six Months Ended |
||||||||
|
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
|||||
|
(in hundreds, with the exception of in keeping with proportion quantities) |
|||||||||
|
GAAP – Diluted EPS |
$ 3.68 |
$ 4.28 |
$ 3.70 |
$ 7.96 |
$ 7.39 |
||||
|
Much less reconciling pieces: |
|||||||||
|
(Losses)/positive factors on undesignated monetary derivatives because of truthful worth adjustments |
(0.03) |
0.15 |
0.20 |
0.12 |
0.28 |
||||
|
Positive aspects/(losses) on hedging actions because of truthful worth adjustments |
0.24 |
0.28 |
(0.45) |
0.51 |
(0.46) |
||||
|
Unrealized (losses)/positive factors on buying and selling securities |
(0.01) |
— |
— |
(0.01) |
0.03 |
||||
|
Internet results of amortization of premiums/reductions and deferred positive factors on property consolidated at truthful worth |
— |
— |
— |
0.01 |
0.01 |
||||
|
Internet results of terminations or internet settlements on monetary derivatives |
(0.14) |
(0.02) |
0.05 |
(0.16) |
0.10 |
||||
|
Source of revenue tax impact alike to reconciling pieces |
(0.01) |
(0.09) |
0.04 |
(0.10) |
0.01 |
||||
|
Sub-total |
0.05 |
0.32 |
(0.16) |
0.37 |
(0.03) |
||||
|
Core Profits – Diluted EPS |
$ 3.63 |
$ 3.96 |
$ 3.86 |
$ 7.59 |
$ 7.42 |
||||
|
Stocks old in in keeping with proportion calculation (GAAP and Core Profits) |
10,956 |
10,969 |
10,916 |
10,966 |
10,917 |
||||
Please see desk gifts a reconciliation of internet curiosity source of revenue and internet turnover to internet efficient unfold for the sessions indicated:
|
Reconciliation of GAAP Internet Hobby Source of revenue/Yielding to Internet Efficient Unfold |
|||||||||||||||||||
|
For the 3 Months Ended |
For the Six Months Ended |
||||||||||||||||||
|
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
|||||||||||||||
|
Bucks |
Yielding |
Bucks |
Yielding |
Bucks |
Yielding |
Bucks |
Yielding |
Bucks |
Yielding |
||||||||||
|
(bucks in hundreds) |
|||||||||||||||||||
|
Internet curiosity source of revenue/turnover |
$ 87,340 |
1.15 % |
$ 86,368 |
1.15 % |
$ 78,677 |
1.12 % |
$ 173,708 |
1.15 % |
$ 157,735 |
1.13 % |
|||||||||
|
Internet results of consolidated trusts |
(1,371) |
0.02 % |
(1,052) |
0.02 % |
(1,044) |
0.02 % |
(2,423) |
0.02 % |
(2,099) |
0.02 % |
|||||||||
|
Expense alike to undesignated monetary derivatives |
(486) |
(0.01) % |
(34) |
— % |
(1,568) |
(0.02) % |
(521) |
— % |
(3,193) |
(0.02) % |
|||||||||
|
Amortization of premiums/reductions on property consolidated at truthful worth |
(21) |
— % |
(27) |
— % |
(24) |
— % |
(48) |
— % |
(48) |
— % |
|||||||||
|
Amortization of losses because of terminations or internet settlements on monetary derivatives |
738 |
0.01 % |
791 |
0.01 % |
890 |
0.01 % |
1,530 |
0.01 % |
1,604 |
0.01 % |
|||||||||
|
Truthful worth adjustments on truthful worth hedge relationships |
(2,604) |
(0.03) % |
(3,002) |
(0.04) % |
4,901 |
0.07 % |
(5,606) |
(0.04) % |
5,006 |
0.03 % |
|||||||||
|
Internet efficient unfold |
$ 83,596 |
1.14 % |
$ 83,044 |
1.14 % |
$ 81,832 |
1.20 % |
$ 166,640 |
1.14 % |
$ 159,005 |
1.17 % |
|||||||||
Please see desk gifts core income for Farmer Mac’s reportable running branchs and a reconciliation to consolidated internet source of revenue for the 3 months ended June 30, 2024:
|
Core Profits through Trade Department |
|||||||||||||||||
|
For the 3 Months Ended June 30, 2024 |
|||||||||||||||||
|
Agricultural Finance |
Rural Infrastructure |
Treasury |
Company |
||||||||||||||
|
Farm & |
Company |
Rural Utilities |
Renewable Power |
Investment |
Investments |
Reconciling Changes |
Consolidated |
||||||||||
|
(in hundreds) |
|||||||||||||||||
|
Internet curiosity source of revenue |
$ 35,522 |
$ 7,866 |
$ 7,672 |
$ 2,999 |
$ 32,620 |
$ 661 |
$ — |
$ — |
$ 87,340 |
||||||||
|
Much less: reconciling |
(1,366) |
— |
(26) |
— |
(2,352) |
— |
— |
3,744 |
— |
||||||||
|
Internet efficient unfold |
34,156 |
7,866 |
7,646 |
2,999 |
30,268 |
661 |
— |
3,744 |
— |
||||||||
|
Agreement and |
4,612 |
127 |
301 |
216 |
— |
— |
— |
(1,459) |
3,797 |
||||||||
|
Achieve on sale of |
— |
— |
— |
— |
— |
1,052 |
— |
— |
1,052 |
||||||||
|
Loss on sale of |
— |
(1,147) |
— |
— |
— |
— |
— |
— |
(1,147) |
||||||||
|
Alternative source of revenue/(expense)(3) |
517 |
(5) |
— |
— |
— |
7 |
(38) |
(1,606) |
(1,125) |
||||||||
|
General revenues |
39,285 |
6,841 |
7,947 |
3,215 |
30,268 |
1,720 |
(38) |
679 |
89,917 |
||||||||
|
(Provision for)/leave |
(211) |
(5,354) |
502 |
(1,117) |
— |
1 |
— |
— |
(6,179) |
||||||||
|
Let go of keep for |
(36) |
— |
(15) |
— |
— |
— |
— |
— |
(51) |
||||||||
|
Running bills |
— |
— |
— |
— |
— |
— |
(24,469) |
— |
(24,469) |
||||||||
|
General non-interest |
(36) |
— |
(15) |
— |
— |
— |
(24,469) |
— |
(24,520) |
||||||||
|
Core income sooner than |
39,038 |
1,487 |
8,434 |
2,098 |
30,268 |
1,721 |
(24,507) |
679 |
(4) |
59,218 |
|||||||
|
Source of revenue tax |
(8,198) |
(312) |
(1,771) |
(441) |
(6,355) |
(362) |
5,469 |
(143) |
(12,113) |
||||||||
|
Core income sooner than |
30,840 |
1,175 |
6,663 |
1,657 |
23,913 |
1,359 |
(19,038) |
536 |
(4) |
47,105 |
|||||||
|
Most well-liked hold |
— |
— |
— |
— |
— |
— |
(6,792) |
— |
(6,792) |
||||||||
|
Department core |
$ 30,840 |
$ 1,175 |
$ 6,663 |
$ 1,657 |
$ 23,913 |
$ 1,359 |
$ (25,830) |
$ 536 |
(4) |
$ 40,313 |
|||||||
|
General Property |
$ 14,962,357 |
$ 1,660,154 |
$ 7,135,581 |
$ 736,936 |
$ — |
$ 5,560,800 |
$ 138,486 |
$ — |
$ 30,194,314 |
||||||||
|
General on- and off- |
$ 18,504,501 |
$ 1,816,893 |
$ 7,561,473 |
$ 875,472 |
$ — |
$ — |
$ — |
$ — |
$ 28,758,339 |
||||||||
|
(1) |
Comprises the amortization of premiums and reductions on property consolidated at truthful worth, initially integrated in curiosity source of revenue, to replicate core income quantities. |
|
(2) |
Comprises the reclassification of curiosity source of revenue and curiosity expense from consolidated trusts owned through 1/3 events to agreement and constancy charges, to replicate control’s view that the web curiosity source of revenue Farmer Mac earns is successfully a agreement price. |
|
(3) |
Comprises the reclassification of curiosity expense alike to rate of interest swaps no longer designated as hedges, which might be integrated in “(Losses)/gains on financial derivatives” at the consolidated monetary statements, to decide the efficient investment value for each and every running department. |
|
(4) |
Internet changes to reconcile to the corresponding source of revenue measures: core income sooner than source of revenue taxes reconciled to source of revenue sooner than source of revenue taxes; core income sooner than most well-liked hold dividends reconciled to internet source of revenue; and department core income reconciled to internet source of revenue resulting from familiar stockholders. |
Supplemental Data
Please see desk units forth details about remarkable quantity in each and every of Farmer Mac’s strains of commercial as of the dates indicated:
|
Exceptional Trade Quantity |
||||||
|
On or Off Stability Sheet |
As of June 30, 2024 |
As of December 31, 2023 |
||||
|
(in hundreds) |
||||||
|
Agricultural Finance: |
||||||
|
Farm & Ranch: |
||||||
|
Loans |
On-balance sheet |
$ 5,138,819 |
$ 5,133,450 |
|||
|
Loans held in consolidated trusts: |
||||||
|
Recommended pursuits owned through third-party buyers (single-class)(1) |
On-balance sheet |
908,600 |
870,912 |
|||
|
Recommended pursuits owned through third-party buyers (structured)(1) |
On-balance sheet |
852,755 |
561,349 |
|||
|
IO-FMGS(2) |
On-balance sheet |
9,062 |
9,409 |
|||
|
USDA Securities |
On-balance sheet |
2,359,450 |
2,368,872 |
|||
|
AgVantage Securities(1) |
On-balance sheet |
5,435,000 |
5,835,000 |
|||
|
LTSPCs and unfunded mortgage loyalty |
Off-balance sheet |
2,807,324 |
2,999,943 |
|||
|
Alternative Farmer Mac Assured Securities(3) |
Off-balance sheet |
436,822 |
452,602 |
|||
|
Loans serviced for others |
Off-balance sheet |
556,669 |
577,264 |
|||
|
General Farm & Ranch |
$ 18,504,501 |
$ 18,808,801 |
||||
|
Company AgFinance: |
||||||
|
Loans |
On-balance sheet |
$ 1,286,167 |
$ 1,259,723 |
|||
|
AgVantage Securities(1) |
On-balance sheet |
359,627 |
288,879 |
|||
|
Unfunded mortgage loyalty |
Off-balance sheet |
171,099 |
145,377 |
|||
|
General Company AgFinance |
$ 1,816,893 |
$ 1,693,979 |
||||
|
General Agricultural Finance |
$ 20,321,394 |
$ 20,502,780 |
||||
|
Rural Infrastructure Finance: |
||||||
|
Rural Utilities: |
||||||
|
Loans |
On-balance sheet |
$ 3,240,660 |
$ 3,094,477 |
|||
|
AgVantage Securities(1) |
On-balance sheet |
3,860,014 |
3,898,468 |
|||
|
LTSPCs and unfunded mortgage loyalty |
Off-balance sheet |
460,799 |
487,778 |
|||
|
General Rural Utilities |
$ 7,561,473 |
$ 7,480,723 |
||||
|
Renewable Power: |
||||||
|
Loans |
On-balance sheet |
$ 738,578 |
$ 440,286 |
|||
|
Unfunded mortgage loyalty |
Off-balance sheet |
136,894 |
47,235 |
|||
|
General Renewable Power |
$ 875,472 |
$ 487,521 |
||||
|
General Rural Infrastructure Finance |
$ 8,436,945 |
$ 7,968,244 |
||||
|
General |
$ 28,758,339 |
$ 28,471,024 |
||||
|
(1) |
One of those Farmer Mac Assured Safety. |
|
(2) |
An interest-only Farmer Mac Assured Safety retained as a part of a structured securitization. |
|
(3) |
Alternative sections of Farmer Mac Assured Securities that had been offered through Farmer Mac to 3rd events |
Please see desk gifts the quarterly internet efficient unfold (a non-GAAP measure) through department:
|
Internet Efficient Unfold(1) |
|||||||||||||||||||||||||||
|
Agricultural Finance |
Rural Infrastructure Finance |
Treasury |
|||||||||||||||||||||||||
|
Farm & Ranch |
Company |
Rural Utilities |
Renewable |
Investment |
Investments |
Internet Efficient |
|||||||||||||||||||||
|
Bucks |
Yielding |
Bucks |
Yielding |
Bucks |
Yielding |
Bucks |
Yielding |
Bucks |
Yielding |
Bucks |
Yielding |
Bucks |
Yielding |
||||||||||||||
|
(bucks in hundreds) |
|||||||||||||||||||||||||||
|
For the quarter ended: |
|||||||||||||||||||||||||||
|
June 30, 2024(2) |
$ 34,156 |
0.98 % |
$ 7,866 |
1.91 % |
$ 7,646 |
0.44 % |
$ 2,999 |
1.86 % |
$ 30,268 |
0.41 % |
$ 661 |
0.04 % |
$ 83,596 |
1.14 % |
|||||||||||||
|
March 31, 2024 |
32,843 |
0.95 % |
7,971 |
2.05 % |
7,232 |
0.42 % |
2,049 |
1.75 % |
32,474 |
0.45 % |
475 |
0.03 % |
83,044 |
1.14 % |
|||||||||||||
|
December 31, 2023 |
33,329 |
0.98 % |
8,382 |
2.06 % |
7,342 |
0.43 % |
1,540 |
1.69 % |
33,361 |
0.47 % |
597 |
0.04 % |
84,551 |
1.19 % |
|||||||||||||
|
September 30, 2023 |
32,718 |
0.97 % |
8,250 |
2.05 % |
6,362 |
0.39 % |
1,150 |
1.46 % |
34,412 |
0.49 % |
532 |
0.04 % |
83,424 |
1.20 % |
|||||||||||||
|
June 30, 2023 |
34,388 |
1.03 % |
7,444 |
1.92 % |
5,808 |
0.38 % |
1,100 |
1.47 % |
32,498 |
0.48 % |
594 |
0.04 % |
81,832 |
1.20 % |
|||||||||||||
|
March 31, 2023 |
32,465 |
0.97 % |
7,148 |
1.94 % |
5,507 |
0.36 % |
858 |
1.53 % |
31,738 |
0.47 % |
(543) |
(0.04) % |
77,173 |
1.15 % |
|||||||||||||
|
December 31, 2022 |
32,770 |
0.98 % |
7,471 |
1.94 % |
4,960 |
0.34 % |
935 |
1.76 % |
27,656 |
0.42 % |
(2,689) |
(0.19) % |
71,103 |
1.07 % |
|||||||||||||
|
September 30, 2022 |
33,343 |
1.04 % |
7,600 |
1.99 % |
4,220 |
0.30 % |
705 |
1.97 % |
22,564 |
0.36 % |
(2,791) |
(0.21) % |
65,641 |
1.03 % |
|||||||||||||
|
June 30, 2022 |
32,590 |
1.05 % |
6,929 |
1.87 % |
3,733 |
0.27 % |
468 |
1.78 % |
18,508 |
0.30 % |
(1,282) |
(0.10) % |
60,946 |
0.99 % |
|||||||||||||
|
(1) |
Farmer Mac excludes the Company department within the presentation above for the reason that department does no longer have any interest-earning property. |
|
(2) |
See above for a reconciliation of GAAP internet curiosity source of revenue through series of commercial to internet efficient unfold through series of commercial for the 3 months ended June 30, 2024. |
Please see desk gifts quarterly core income reconciled to internet source of revenue resulting from familiar stockholders:
|
Core Profits through Quarter Ended |
|||||||||||||||||
|
June 2024 |
March 2024 |
December 2023 |
September 2023 |
June 2023 |
March 2023 |
December 2022 |
September 2022 |
June 2022 |
|||||||||
|
(in hundreds) |
|||||||||||||||||
|
Revenues: |
|||||||||||||||||
|
Internet efficient unfold |
$ 83,596 |
$ 83,044 |
$ 84,551 |
$ 83,424 |
$ 81,832 |
$ 77,173 |
$ 71,103 |
$ 65,641 |
$ 60,946 |
||||||||
|
Agreement and constancy charges |
5,256 |
4,982 |
4,865 |
4,828 |
4,581 |
4,654 |
4,677 |
4,201 |
4,709 |
||||||||
|
Achieve on sale of funding securities |
1,052 |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||
|
Loss on sale of loan mortgage |
(1,147) |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||
|
Alternative |
481 |
1,077 |
767 |
1,056 |
409 |
1,067 |
390 |
473 |
307 |
||||||||
|
General revenues |
89,238 |
89,103 |
90,183 |
89,308 |
86,822 |
82,894 |
76,170 |
70,315 |
65,962 |
||||||||
|
Credit score alike expense/(source of revenue): |
|||||||||||||||||
|
Provision for/(leave of) losses |
6,230 |
(1,870) |
(575) |
(181) |
1,142 |
750 |
1,945 |
450 |
(1,535) |
||||||||
|
REO running bills |
— |
— |
— |
— |
— |
— |
819 |
— |
— |
||||||||
|
General credit score alike expense/(source of revenue) |
6,230 |
(1,870) |
(575) |
(181) |
1,142 |
750 |
2,764 |
450 |
(1,535) |
||||||||
|
Running bills: |
|||||||||||||||||
|
Reimbursement and worker advantages |
14,840 |
18,257 |
15,523 |
14,103 |
13,937 |
15,351 |
12,105 |
11,648 |
11,715 |
||||||||
|
Normal and administrative |
8,904 |
8,255 |
8,916 |
9,100 |
9,420 |
7,527 |
8,055 |
6,919 |
7,520 |
||||||||
|
Regulatory charges |
725 |
725 |
725 |
831 |
831 |
835 |
832 |
812 |
813 |
||||||||
|
General running bills |
24,469 |
27,237 |
25,164 |
24,034 |
24,188 |
23,713 |
20,992 |
19,379 |
20,048 |
||||||||
|
Internet income |
58,539 |
63,736 |
65,594 |
65,455 |
61,492 |
58,431 |
52,414 |
50,486 |
47,449 |
||||||||
|
Source of revenue tax expense |
11,970 |
13,553 |
13,881 |
13,475 |
12,539 |
12,756 |
11,210 |
10,303 |
9,909 |
||||||||
|
Most well-liked hold dividends |
6,792 |
6,791 |
6,791 |
6,792 |
6,791 |
6,791 |
6,791 |
6,791 |
6,792 |
||||||||
|
Core income |
$ 39,777 |
$ 43,392 |
$ 44,922 |
$ 45,188 |
$ 42,162 |
$ 38,884 |
$ 34,413 |
$ 33,392 |
$ 30,748 |
||||||||
|
Reconciling pieces: |
|||||||||||||||||
|
(Losses)/positive factors on undesignated |
$ (359) |
$ 1,683 |
$ (836) |
$ 2,921 |
$ 2,141 |
$ 916 |
$ 1,596 |
$ 6,441 |
$ 2,846 |
||||||||
|
Positive aspects/(losses) on hedging actions |
2,604 |
3,002 |
(3,598) |
3,210 |
(4,901) |
(105) |
(148) |
(624) |
428 |
||||||||
|
Unrealized (losses)/positive factors on buying and selling |
(87) |
(14) |
(37) |
1,714 |
(57) |
359 |
31 |
(757) |
(285) |
||||||||
|
Internet results of amortization of |
26 |
31 |
88 |
29 |
29 |
29 |
57 |
24 |
(62) |
||||||||
|
Internet results of terminations or internet |
(1,505) |
(192) |
(800) |
(79) |
583 |
523 |
1,268 |
(3,522) |
2,536 |
||||||||
|
Source of revenue tax impact alike to reconciling |
(143) |
(947) |
1,089 |
(1,638) |
464 |
(362) |
(590) |
(327) |
(1,148) |
||||||||
|
Internet source of revenue resulting from familiar |
$ 40,313 |
$ 46,955 |
$ 40,828 |
$ 51,345 |
$ 40,421 |
$ 40,244 |
$ 36,627 |
$ 34,627 |
$ 35,063 |
||||||||
SOURCE Farmer Mac
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