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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-K	2020-12-31	Filed 2021-02-25
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	2021-02-18	Regulation FD, Exhibits
8-K	2020-12-23	Officers, Exhibits
8-K	2020-12-22	Officers, Exhibits
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 2020-12-31

Balance Sheet	Income Statement	Cash Flow

agm-20201231

As filed with the Securities and Exchange Commission on February 25, 2021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-K

(Mark One)


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____.

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

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

Yes ☐ No ☒

The aggregate market value of the Class A voting common stock and Class C non-voting common stock held by non-affiliates of the registrant was $588,995,888 as of June 30, 2020, the last business day of the registrant's most recently completed second fiscal quarter, based upon the closing prices for the respective classes on June 30, 2020 reported by the New York Stock Exchange. For purposes of this information, the outstanding shares of Class A voting common stock and Class C non-voting common stock held by directors, executive officers, and significant stockholders of the registrant, as applicable, as of June 30, 2020 were deemed to be held by affiliates. The aggregate market value of the Class B voting common stock is not ascertainable due to the absence of publicly available quotations or prices for the Class B voting common stock as a result of the limited market for, and infrequency of trades in, Class B voting common stock and the fact that any such trades are privately negotiated transactions.

As of February 8, 2021, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,206,055 shares of Class C non-voting common stock.

DOCUMENTS INCORPORATED BY REFERENCE

Certain information contained in the registrant's Proxy Statement for the 2021 Annual Meeting of Stockholders is incorporated herein by reference in Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year to which this report relates.

Table of Contents


	Forward-Looking Statements	6
PART I		8
Item 1.	Business	8
	General	8
	Farmer Mac's Lines of Business	9
	Competition	18
	C apital and Cor porate Governance	18
	Human Capital	21
	A vailable Information	22
	F unding of Guarantee and LTSPC Obligations	23
	Financing	23
	Debt Issuance	23
	Equity Issuance	24
	Farmer Mac's Authority to Bor row from the U.S. Treasury	27
	Government Regulation of Farmer Mac	29
	General	29
	O ffice o f Secondary Market Over sight	29
	C apital Standards	30
	Liquidity Requirements	32
Item 1A.	R isk Factors	34
I tem 1B.	U nresolved Staff Comments	49
Item 2.	Properties	49
Item 3.	Legal Proceedings	49
Item 4.	Mine Safety Disclosures	49
PART II		49
Item 5.	M arket for Registrant 's Common Equity, Related Stockholders Matters, and I ssuer Purchases of Equity Securities	50
Item 6.	Selected Financial Data	52
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	53
	Overview	53
	Critical Accounting Policies and Estimates	59
	Use of Non-GAAP Measures	63
	Results of Operations	65
	Outlook	83
	Balance Sheet Review	88
	Risk Management	88
	Liquidity and Capital Resources	106
	Regulatory Matters	109
	Other Matters	110
	Supplemental Information	110
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	114
Item 8.	Financial Statements	115
	Management's Report on Internal Controls Over Financial Reporting	115


	R eport of Independent Registered Public Accounting Firm	116
	Consolidated Balance Sheets	119
	Consolidated Statements of Operations	120
	Consolidated Statements of Comprehensive Income	121
	Consolidated Statements of Equity	122
	Consolidated Statements of Cash Flows	123
	Notes to Consolidated Financial Statements	125
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	192
Item 9A.	Controls and Procedures	192
Item 9B.	Other Information	193
Part III		194
Item 10.	Directors, Executive Officers, and Corporate Governance	194
Item 11.	Executive Compensation	194
Item 12.	Security Ownership of Certain Beneficial Owners and Management Related Stockholder Matters	194
Item 13.	Certain Relationships and Related Transactions and Director Independence	194
Item 14.	Principal Accountant Fees and Services	194
Part IV		194
Item 15.	Exhibits and Financial Statement Schedules	194
Item 16.	Form 10-K Summary	197
Signatures		198

FORWARD-LOOKING STATEMENTS

In this report, the words "Farmer Mac," "we," "our," and "us" refer to the Federal Agricultural Mortgage Corporation unless otherwise stated or unless the context otherwise requires.

Some statements made in this report, such as in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section, are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 about management's current expectations for Farmer Mac's future financial results, business prospects, and business developments. Forward-looking statements include, without limitation, any statement, including statements about the COVID-19 pandemic and its impact on Farmer Mac, that may predict, forecast, indicate, or imply future results, performance, or achievements. These statements typically include terms such as "anticipates," "believes," "continues," "estimates," "expects," "forecasts," "intends," "outlook," "plans," "potential," "project," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will," and "would." This report includes forward-looking statements addressing Farmer Mac's:

•prospects for earnings;

•prospects for growth in business volume;

•assessment of the effect of the COVID-19 pandemic on our business, financial results, financial condition, and business plans and strategies;

•trends in net interest income and net effective spread;

•trends in portfolio credit quality, delinquencies, substandard assets, credit losses, and provisions for losses;

•trends in expenses;

•trends in investment securities;

•prospects for asset impairments and allowance for losses;

•changes in capital position;

EX-10.9	exhibit109.htm
EX-31.1	ex311agm-12312020.htm
EX-31.2	ex312agm-12312020.htm
EX-32	ex32agm-12312020.htm

AGM 10K Annual Report

Federal Agricultural Mortgage Earnings 2020-12-31