10-Q 1 agm-20240331.htm 10-Q agm-20240331
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As filed with the Securities and Exchange Commission on May 6, 2024
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 March 31, 2024
or
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 

Farmer Mac Logo.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
4.875% Non-Cumulative Preferred Stock, Series GAGM.PRGNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: Class B voting common stock
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.  
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 April 29, 2024, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,349,760 shares of Class C non-voting common stock.

1




Table of Contents

2




PART I

Item 1.Financial Statements
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
As of
 March 31, 2024December 31, 2023
 (in thousands)
Assets:  
Cash and cash equivalents$745,105 $888,707 
Investment securities:  
Available-for-sale, at fair value (amortized cost of $5,165,562 and $5,060,135, respectively)
5,007,787 4,918,931 
Held-to-maturity, at amortized cost53,756 53,756 
Other investments6,900 6,817 
Total Investment Securities5,068,443 4,979,504 
Farmer Mac Guaranteed Securities:  
Available-for-sale, at fair value (amortized cost of $5,811,302 and $5,825,433, respectively)
5,466,688 5,532,479 
Held-to-maturity, at amortized cost4,454,932 4,213,069 
Total Farmer Mac Guaranteed Securities9,921,620 9,745,548 
USDA Securities:  
Trading, at fair value1,066 1,241 
Held-to-maturity, at amortized cost2,333,027 2,354,171 
Total USDA Securities2,334,093 2,355,412 
Loans:  
Loans held for investment, at amortized cost9,837,962 9,623,119 
Loans held for investment in consolidated trusts, at amortized cost1,409,397 1,432,261 
Allowance for losses(14,288)(16,031)
Total loans, net of allowance11,233,071 11,039,349 
Financial derivatives, at fair value31,433 37,478 
Accrued interest receivable (includes $9,963 and $16,764, respectively, related to consolidated trusts)
245,202 287,128 
Guarantee and commitment fees receivable48,130 49,832 
Deferred tax asset, net 8,470 
Prepaid expenses and other assets145,094 132,954 
Total Assets$29,772,191 $29,524,382 
Liabilities and Equity:  
Liabilities:  
Notes payable$26,509,011 $26,336,542 
Debt securities of consolidated trusts held by third parties1,325,289 1,351,069 
Financial derivatives, at fair value128,530 117,131 
Accrued interest payable (includes $6,338 and $9,407, respectively, related to consolidated trusts)
202,894 181,841 
Guarantee and commitment obligation45,866 47,563 
Accounts payable and accrued expenses74,821 76,662 
Deferred tax liability, net3,795  
Reserve for losses1,642 1,711 
Total Liabilities28,291,848 28,112,519 
Commitments and Contingencies (Note 6)
Equity:  
Preferred stock:  
      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, 3,180,000 shares authorized, issued and outstanding
77,003 77,003 
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding
116,160 116,160 
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding
121,327 121,327 
Common stock:  
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding
1,031 1,031 
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding
500 500 
Class C Non-Voting, $1 par value, no maximum authorization, 9,337,894 shares and 9,310,872 shares outstanding, respectively
9,338 9,311 
Additional paid-in capital133,576 132,919 
Accumulated other comprehensive loss, net of tax(4,118)(40,145)
Retained earnings855,485 823,716 
Total Equity1,480,343 1,411,863 
Total Liabilities and Equity$29,772,191 $29,524,382 
The accompanying notes are an integral part of these consolidated financial statements.

3




FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months Ended
 March 31, 2024March 31, 2023
 (in thousands, except per share amounts)
Interest income:
Investments and cash equivalents$84,924 $59,703 
Farmer Mac Guaranteed Securities and USDA Securities166,813 136,537 
Loans144,580 119,032 
Total interest income396,317 315,272 
Total interest expense309,949 236,214 
Net interest income86,368 79,058 
Release of/(provision for) losses1,801 (547)
Net interest income after release of/(provision for) losses88,169 78,511 
Non-interest income/(expense):
Guarantee and commitment fees3,917 3,933 
Gains on financial derivatives2,079 399 
Release of/(provision for) reserve for losses
69 (203)
Other income1,249 1,226 
Non-interest income7,314 5,355 
Operating expenses:
Compensation and employee benefits18,257 15,351 
General and administrative8,255 7,527 
Regulatory fees725 835 
Operating expenses27,237 23,713 
Income before income taxes68,246 60,153 
Income tax expense14,500 13,118 
Net income53,746 47,035 
Preferred stock dividends(6,791)(6,791)
Net income attributable to common stockholders$46,955 $40,244 
Earnings per common share:
Basic earnings per common share$4.33 $3.73 
Diluted earnings per common share$4.28 $3.69 
The accompanying notes are an integral part of these consolidated financial statements.

4




FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
For the Three Months Ended
 March 31, 2024March 31, 2023
 
(in thousands)
Net income$53,746 $47,035 
Other comprehensive income/(loss):
Net unrealized gains on available-for-sale securities
39,952 658 
Net changes in held-to-maturity securities(634)(782)
Net unrealized gains/(losses) on cash flow hedges
6,286 (11,292)
Other comprehensive income/(loss) before tax
45,604 (11,416)
Income tax (expense)/benefit related to other comprehensive income/(loss)
(9,577)2,397 
Other comprehensive income/(loss) net of tax
36,027 (9,019)
Comprehensive income$89,773 $38,016 
The accompanying notes are an integral part of these consolidated financial statements.

5




FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
Accumulated
AdditionalOther
Preferred StockCommon StockPaid-InComprehensiveRetainedTotal
SharesAmountSharesAmountCapitalIncome/(Loss)EarningsEquity
(in thousands)
Balance as of December 31, 202319,980 $484,531 10,842 $10,842 $132,919 $(40,145)$823,716 $1,411,863 
Net Income— — — — — — 53,746 53,746 
Other comprehensive income, net of tax
— — — — — 36,027 — 36,027 
Cash dividends:
Preferred stock— — — — — — (6,791)(6,791)
Common stock (cash dividend of $1.40 per share)
— — — — — — (15,186)(15,186)
Issuance of Class C Common Stock— — 27 27 64 — — 91 
Stock-based compensation cost— — — — 3,483 — — 3,483 
Other stock-based award activity— — — — (2,890)— — (2,890)
Balance as of March 31, 202419,980 $484,531 10,869 $10,869 $133,576 $(4,118)$855,485 $1,480,343 
Balance as of December 31, 202219,980 $484,531 10,801 $10,801 $128,939 $(50,843)$698,530 $1,271,958 
Net Income— — — — — — 47,035 47,035 
Other comprehensive loss, net of tax
— — — — — (9,019)— (9,019)
Cash dividends:
Preferred stock— — — — — — (6,791)(6,791)
Common stock (cash dividend of $1.10 per share)
— — — — — — (11,882)(11,882)
Issuance of Class C Common Stock— — 19 19 51 — — 70 
Stock-based compensation cost— — — — 2,254 — — 2,254 
Other stock-based award activity— — — — (1,240)— — (1,240)
Balance as of March 31, 202319,980 $484,531 10,820 $10,820 $130,004 $(59,862)$726,892 $1,292,385 
The accompanying notes are an integral part of these consolidated financial statements.

6




FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the Three Months Ended
 March 31, 2024March 31, 2023
 (in thousands)
Cash flows from operating activities: 
Net income$53,746 $47,035 
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities(7,295)(2,337)
Amortization of debt premiums, discounts, and issuance costs11,586 10,217 
Net change in fair value of trading securities, hedged items, and financial derivatives
123,519 (62,398)
Total provision for/(release of) allowance for losses(1,870)750 
Excess tax benefits related to stock-based awards(120)(201)
Deferred income taxes2,688 12,440 
Stock-based compensation expense3,483 2,255 
Proceeds from repayment of loans purchased as held for sale12,769 17,360 
Net change in:
Interest receivable40,273 29,510 
Guarantee and commitment fees receivable5 13 
Other assets(12,471)22,195 
Accrued interest payable21,053 24,051 
Custodial deposit liability(18,632)(32,102)
Other liabilities4,601 (8,227)
Net cash provided by operating activities233,335 60,561 
Cash flows from investing activities: 
Purchases of equipment and leasehold improvements
(1,638) 
Purchases of available-for-sale and held-to-maturity investment securities
(606,698)(375,153)
Purchases of other investment securities(83) 
Purchases of Farmer Mac Guaranteed Securities and USDA Securities(462,055)(716,412)
Purchases of loans held for investment(690,986)(554,787)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities
520,194 505,848 
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities254,722 247,706 
Proceeds from repayment of loans purchased as held for investment461,071 431,483 
Net cash used in investing activities(525,473)(461,315)
Cash flows from financing activities: 
Proceeds from issuance of discount notes12,851,600 11,196,195 
Proceeds from issuance of medium-term notes1,774,926 1,383,319 
Proceeds from issuance of debt securities of consolidated trusts
 222,188 
Payments to redeem discount notes(12,695,146)(10,913,679)
Payments to redeem medium-term notes(1,713,000)(1,428,500)
Payments to third parties on debt securities of consolidated trusts(45,068)(36,573)
Proceeds from common stock issuance64 51 
Tax payments related to share-based awards(2,863)18 
Dividends paid on common and preferred stock(21,977)(18,673)
Net cash provided by financing activities148,536 404,346 
Net change in cash and cash equivalents(143,602)3,592 
Cash and cash equivalents at beginning of period888,707 861,002 
Cash and cash equivalents at end of period$745,105 $864,594 

Non-cash activity:
Loans securitized as Farmer Mac Guaranteed Securities15,936 4,174 
Loans held for investment transferred to consolidated trusts 281,027 
The accompanying notes are an integral part of these consolidated financial statements.

7




FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation
("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S.
Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements
reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a
fair statement of the financial position and the results of operations and cash flows of Farmer Mac and
subsidiaries for the interim periods presented. Certain information and footnote disclosures normally
included in the annual consolidated financial statements have been omitted as permitted by SEC rules and
regulations. The December 31, 2023 consolidated balance sheet presented in this report has been derived
from Farmer Mac's audited 2023 consolidated financial statements. Management believes that
the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for
the periods presented. These interim unaudited consolidated financial statements should be read in
conjunction with the 2023 consolidated financial statements of Farmer Mac and subsidiaries included in
Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC
on February 23, 2024. Results for interim periods are not necessarily indicative of those that may be
expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain
updated information for the three months ended March 31, 2024.

Principles of Consolidation

The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (1) Farmer Mac Mortgage Securities Corporation, whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary.


8




Table 1.1
Consolidation of Variable Interest Entities
As of March 31, 2024
Agricultural FinanceTreasuryTotal
(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost $1,409,397 $ $1,409,397 
Debt securities of consolidated trusts held by third parties (1)(2)
1,325,289  1,325,289 
   Unconsolidated VIEs:
   Farmer Mac Guaranteed Securities:
      Carrying value51,906  51,906 
      Maximum exposure to loss (3)
51,616  51,616 
   Investment securities:
        Carrying value (4)
 3,735,413 3,735,413 
        Maximum exposure to loss (3)(4)
 3,936,368 3,936,368 
Off-Balance Sheet:
 Unconsolidated VIEs:
   Farmer Mac Guaranteed Securities:
      Maximum exposure to loss (3)(5)
443,843  443,843 
(1)Includes borrower remittances of $1.1 million. The borrower remittances had not been passed through to third-party investors as of March 31, 2024.
(2)Includes $85.1 million in unamortized discount related to structured securitization transactions.
(3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.
(4)Includes auction-rate certificates, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments.
(5)The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.

Consolidation of Variable Interest Entities
As of December 31, 2023
Agricultural FinanceTreasuryTotal
(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost$1,432,261 $ $1,432,261 
Debt securities of consolidated trusts held by third parties (1)(2)
1,351,069  1,351,069 
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value46,343  46,343 
      Maximum exposure to loss (3)
45,952  45,952 
Investment securities:
        Carrying value (4)
 3,676,555 3,676,555 
        Maximum exposure to loss (3)(4)
 3,862,006 3,862,006 
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
      Maximum exposure to loss (3)(5)
452,602  452,602 
(1)Includes borrower remittances of $6.0 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2023.
(2)Includes $87.1 million in unamortized discount related to a structured securitization transaction.
(3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

9




(4)Includes auction-rate certificates, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments.
(5)The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.

(a)Earnings Per Common Share

Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards. The following schedule reconciles basic and diluted EPS for the three months ended March 31, 2024 and 2023:

Table 1.2
For the Three Months Ended
March 31, 2024March 31, 2023
Net
Income
Weighted-Average Shares$ per
Share
Net
Income
Weighted-Average Shares$ per
Share
(in thousands, except per share amounts)
Basic EPS
Net income attributable to common stockholders$46,955 10,847 $4.33 $40,244 10,802 $3.73 
Effect of dilutive securities(1)
SARs and restricted stock units
— 122 (0.05)— 116 (0.04)
Diluted EPS$46,955 10,969 $4.28 $40,244 10,918 $3.69 
(1)For the three months ended March 31, 2024 and 2023, SARs and restricted stock units of 49,371 and 62,709 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended March 31, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,282 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

(b)Comprehensive Income

Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes.


10




The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three months ended March 31, 2024 and 2023.

Table 1.3
As of March 31, 2024As of March 31, 2023
Available-for-Sale SecuritiesHeld-to-Maturity SecuritiesCash Flow HedgesTotalAvailable-for-Sale SecuritiesHeld-to-Maturity SecuritiesCash Flow HedgesTotal
(in thousands)
For the Three Months Ended:
Beginning Balance$(68,447)$(8,724)$37,026 $(40,145)$(115,561)$16,357 $48,361 $(50,843)
Other comprehensive income/(loss) before reclassifications31,565  9,256 40,821 525  (5,452)(4,927)
Amounts reclassified from AOCI(4)(500)(4,290)(4,794)(5)(618)(3,469)(4,092)
Net comprehensive income/(loss)31,561 (500)4,966 36,027 520 (618)(8,921)(9,019)
Ending Balance$(36,886)$(9,224)$41,992 $(4,118)$(115,041)$15,739 $39,440 $(59,862)

The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three months ended March 31, 2024 and 2023:

Table 1.4
For the Three Months Ended
March 31, 2024March 31, 2023
Before TaxProvision (Benefit)After TaxBefore TaxProvision (Benefit)After Tax
(in thousands)
Other comprehensive income:
Available-for-sale-securities:
Unrealized holding gains on available-for-sale securities
$39,957 $8,392 $31,565 $664 $139 $525 
Less reclassification adjustments included in:
Other income(1)
(5)(1)(4)(6)(1)(5)
Total$39,952 $8,391 $31,561 $658 $138 $520 
Held-to-maturity securities:
Less reclassification adjustments included in:
Net interest income(2)
$(634)$(134)