Company Quick10K Filing
Federal Agricultural Mortgage
Price82.12 EPS9
Shares11 P/E9
MCap885 P/FCF-6
Net Debt8,353 EBIT589
TEV9,238 TEV/EBIT16
TTM 2019-09-30, in MM, except price, ratios
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
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

AGM 10Q Quarterly Report

Part I
Item 1.Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
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

Federal Agricultural Mortgage Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

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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 

agm-20200930_g1.jpg
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,DC20006
(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 classTrading symbol Exchange on which registered
Class A voting common stockAGM.A New York Stock Exchange
Class C non-voting common stockAGM New York Stock Exchange
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series CAGM.PRCNew York Stock Exchange
5.700% Non-Cumulative Preferred Stock, Series DAGM.PRDNew York Stock Exchange
5.750% Non-Cumulative Preferred Stock, Series EAGM.PRENew York Stock Exchange
5.250% Non-Cumulative Preferred Stock, Series FAGM.PRFNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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.

1





Table of Contents
PART I


3





PART I

Item 1.Financial Statements
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
As of
 September 30, 2020December 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 cost45,032 45,032 
Total Investment Securities3,577,222 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 cost1,200,570 1,447,451 
Total Farmer Mac Guaranteed Securities8,712,208 8,590,476 
USDA Securities:  
Trading, at fair value6,830 8,913 
Held-to-maturity, at amortized cost2,410,848 2,232,160 
Total USDA Securities2,417,678 2,241,073 
Loans:  
Loans held for sale, at lower of cost or fair value20,000  
Loans held for investment, at amortized cost6,825,061 5,390,977 
Loans held for investment in consolidated trusts, at amortized cost1,276,407 1,600,917 
Allowance for losses(15,821)(10,454)
Total loans, net of allowance8,105,647 6,981,440 
Financial derivatives, at fair value12,837 10,519 
Interest receivable (includes $11,525 and $20,568, respectively, related to consolidated trusts)
153,170 199,195 
Guarantee and commitment fees receivable36,664 38,442 
Deferred tax asset, net29,288 16,510 
Prepaid expenses and other assets43,531 22,463 
Total Assets$23,998,837 $21,709,374 
Liabilities and Equity:  
Liabilities:  
Notes payable21,589,285 19,098,648 
Debt securities of consolidated trusts held by third parties1,292,416 1,616,504 
Financial derivatives, at fair value37,357 27,042 
Accrued interest payable (includes $9,353 and $18,018, respectively, related to consolidated trusts)
92,648 106,959 
Guarantee and commitment obligation35,140 36,700 
Accounts payable and accrued expenses18,078 22,081 
Reserve for losses3,568 2,164 
Total Liabilities23,068,492 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,