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Federal Agricultural Mortgage

Financials

Price	82.12	EPS	9
Shares	11	P/E	9
MCap	885	P/FCF	-6
Net Debt	8,353	EBIT	589
TEV	9,238	TEV/EBIT	16
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-09-30	Filed 2020-11-09
10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-02-25
10-Q	2019-09-30	Filed 2019-11-06
10-Q	2019-06-30	Filed 2019-08-01
10-Q	2019-03-31	Filed 2019-05-02
10-K	2018-12-31	Filed 2019-02-21
10-Q	2018-09-30	Filed 2018-11-08
10-Q	2018-06-30	Filed 2018-08-09
10-Q	2018-03-31	Filed 2018-05-10
10-K	2017-12-31	Filed 2018-03-08
10-Q	2017-09-30	Filed 2017-11-09
10-Q	2017-06-30	Filed 2017-08-09
10-Q	2017-03-31	Filed 2017-05-10
10-K	2016-12-31	Filed 2017-03-09
10-Q	2016-09-30	Filed 2016-11-09
10-Q	2016-06-30	Filed 2016-08-09
10-Q	2016-03-31	Filed 2016-05-10
10-K	2015-12-31	Filed 2016-03-10
10-Q	2015-09-30	Filed 2015-11-09
10-Q	2015-06-30	Filed 2015-08-10
10-Q	2015-03-31	Filed 2015-05-11
10-K	2014-12-31	Filed 2015-03-16
10-Q	2014-09-30	Filed 2014-11-10
10-Q	2014-06-30	Filed 2014-08-11
10-Q	2014-03-31	Filed 2014-05-12
10-K	2013-12-31	Filed 2014-03-13
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-09
10-K	2012-12-31	Filed 2013-03-18
10-Q	2012-09-30	Filed 2012-11-08
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-09
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-16
10-Q	2010-09-30	Filed 2010-11-09
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-16

Reports

8-K	2020-11-18
8-K	2020-11-11
8-K	2020-11-09
8-K	2020-11-02
8-K	2020-08-27
8-K	2020-08-20
8-K	2020-08-13
8-K	2020-08-10
8-K	2020-08-03
8-K	2020-05-27
8-K	2020-05-20
8-K	2020-05-13
8-K	2020-05-12
8-K	2020-05-11
8-K	2020-05-06
8-K	2020-04-30
8-K	2020-04-06
8-K	2020-03-26
8-K	2020-03-03
8-K	2020-02-25
8-K	2020-02-18
8-K	2020-02-10
8-K	2020-02-03
8-K	2020-01-22
8-K	2020-01-16
8-K	2019-12-20
8-K	2019-12-13
8-K	2019-12-05
8-K	2019-11-14
8-K	2019-11-13
8-K	2019-11-06
8-K	2019-11-04
8-K	2019-10-30
8-K	2019-10-04
8-K	2019-09-18
8-K	2019-08-07
8-K	2019-08-01
8-K	2019-07-25
8-K	2019-07-08
8-K	2019-05-17
8-K	2019-05-09
8-K	2019-05-09
8-K	2019-05-08
8-K	2019-05-02
8-K	2019-04-25
8-K	2019-03-14
8-K	2019-02-27
8-K	2019-02-21
8-K	2019-02-14
8-K	2019-02-13
8-K	2018-11-08
8-K	2018-10-31
8-K	2018-10-31
8-K	2018-09-26
8-K	2018-08-09
8-K	2018-07-30
8-K	2018-07-23
8-K	2018-05-10
8-K	2018-05-02
8-K	2018-05-02
8-K	2018-03-13
8-K	2018-03-08
8-K	2018-02-26

Federal Agricultural Mortgage Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow

agm-20200930

As filed with the Securities and Exchange Commission on November 9, 2020

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

Commission File Number 001-14951


FEDERAL AGRICULTURAL MORTGAGE CORPORATION
(Exact name of registrant as specified in its charter)


Federally chartered instrumentality of the United States		52-1578738
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification number)

1999 K Street, N.W., 4th Floor,
Washington,	DC	20006
(Address of principal executive offices)		(Zip code)


(202)			872-7700
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Exchange on which registered

Class A voting common stock

AGM.A

New York Stock Exchange

Class C non-voting common stock

AGM

New York Stock Exchange

6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C

AGM.PRC

New York Stock Exchange

5.700% Non-Cumulative Preferred Stock, Series D

AGM.PRD

New York Stock Exchange

5.750% Non-Cumulative Preferred Stock, Series E

AGM.PRE

New York Stock Exchange

5.250% Non-Cumulative Preferred Stock, Series F

AGM.PRF

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: Class B voting common stock

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of November 2, 2020, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,204,911 shares of Class C non-voting common stock.

Table of Contents



PART I		4
Item 1.	Financial Statements	4
	Consolidated Balance Sheets	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Equity	7
	Consolidated Statements of Cash Flows	9
	Notes to Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	63
	Forward-Looking Statements	63
	Overview	64
	Use of Non-GAAP Measures	70
	Results of Operations	72
	Outlook	89
	Balance Sheet Review	95
	Risk Management	96
	Liquidity and Capital Resources	114
	Regulatory Matters	115
	Other Matters	116
	Supplemental Information	117
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	122
Item 4.	Controls and Procedures	122
PART II		123
Item 1.	Legal Proceedings	123
Item 1A.	Risk Factors	123
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	125
Item 3.	Default Upon Senior Securities	125
Item 4.	Mine Safety Disclosures	125
Item 5.	Other Information	125
Item 6.	Exhibits	126
Signatures		127

PART I

Item 1.Financial Statements

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)


	As of
	September 30, 2020		December 31, 2019
	(in thousands)
Assets:
Cash and cash equivalents	$	910,592	$	604,381
Investment securities:
Available-for-sale, at fair value (amortized cost of $3,522,674 and $2,961,430, respectively)	3,532,190		2,959,843
Held-to-maturity, at amortized cost	45,032		45,032
Total Investment Securities	3,577,222		3,004,875
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $7,150,606 and $7,016,971, respectively)	7,511,638		7,143,025
Held-to-maturity, at amortized cost	1,200,570		1,447,451
Total Farmer Mac Guaranteed Securities	8,712,208		8,590,476
USDA Securities:
Trading, at fair value	6,830		8,913
Held-to-maturity, at amortized cost	2,410,848		2,232,160
Total USDA Securities	2,417,678		2,241,073
Loans:
Loans held for sale, at lower of cost or fair value	20,000		—
Loans held for investment, at amortized cost	6,825,061		5,390,977
Loans held for investment in consolidated trusts, at amortized cost	1,276,407		1,600,917
Allowance for losses	(15,821)		(10,454)
Total loans, net of allowance	8,105,647		6,981,440

Financial derivatives, at fair value	12,837		10,519
Interest receivable (includes $11,525 and $20,568, respectively, related to consolidated trusts)	153,170		199,195
Guarantee and commitment fees receivable	36,664		38,442
Deferred tax asset, net	29,288		16,510
Prepaid expenses and other assets	43,531		22,463
Total Assets	$	23,998,837	$	21,709,374

Liabilities and Equity:
Liabilities:


Notes payable	21,589,285		19,098,648
Debt securities of consolidated trusts held by third parties	1,292,416		1,616,504
Financial derivatives, at fair value	37,357		27,042
Accrued interest payable (includes $9,353 and $18,018, respectively, related to consolidated trusts)	92,648		106,959
Guarantee and commitment obligation	35,140		36,700
Accounts payable and accrued expenses	18,078		22,081

Reserve for losses	3,568		2,164
Total Liabilities	23,068,492		20,910,098
Commitments and Contingencies (Note 6)
Equity:
Preferred stock:
Series A, par value $25 per share, 2,400,000 shares authorized, issued and outstanding as of December 31, 2019 (redemption value $60,000,000)	—		58,333
Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding	73,382		73,382
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,659		96,659
Series E, par value $25 per share,

EX-4.8	exhibit48preferredstoc.htm
EX-4.9	exhibit49descriptionof.htm
EX-31.1	ex311agm-09302020.htm
EX-31.2	ex312agm-09302020.htm
EX-32	ex32agm-09302020.htm

AGM 10Q Quarterly Report

Federal Agricultural Mortgage Earnings 2020-09-30