10-Q 1 agm-20230930.htm 10-Q agm-20230930
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As filed with the Securities and Exchange Commission on November 6, 2023
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, 2023
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 

logo2016a23.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.  (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 October 31, 2023, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,309,771 shares of Class C non-voting common stock.
1




Table of Contents
Item 1A.
Risk Factors
Item 6.
Signatures

2




PART I

Item 1.Financial Statements
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
As of
 September 30, 2023December 31, 2022
 (in thousands)
Assets:  
Cash and cash equivalents$782,318 $861,002 
Investment securities:  
Available-for-sale, at fair value (amortized cost of $5,114,476 and $4,769,426, respectively)
4,873,414 4,579,564 
Held-to-maturity, at amortized cost45,032 45,032 
Other investments5,807 3,672 
Total Investment Securities4,924,253 4,628,268 
Farmer Mac Guaranteed Securities:  
Available-for-sale, at fair value (amortized cost of $5,536,437 and $8,019,495, respectively)
5,058,697 7,607,226 
Held-to-maturity, at amortized cost4,157,414 1,021,154 
Total Farmer Mac Guaranteed Securities9,216,111 8,628,380 
USDA Securities:  
Trading, at fair value1,302 1,767 
Held-to-maturity, at amortized cost2,322,355 2,409,834 
Total USDA Securities2,323,657 2,411,601 
Loans:  
Loans held for investment, at amortized cost9,130,933 9,008,979 
Loans held for investment in consolidated trusts, at amortized cost1,422,854 1,211,576 
Allowance for losses(16,614)(15,089)
Total loans, net of allowance10,537,173 10,205,466 
Financial derivatives, at fair value28,855 37,409 
Accrued interest receivable (includes $10,666 and $12,514, respectively, related to consolidated trusts)
230,523 229,061 
Guarantee and commitment fees receivable49,809 47,151 
Deferred tax asset, net4,711 18,004 
Prepaid expenses and other assets213,971 266,768 
Total Assets$28,311,381 $27,333,110 
Liabilities and Equity:  
Liabilities:  
Notes payable$25,123,545 $24,469,113 
Debt securities of consolidated trusts held by third parties1,334,014 1,181,948 
Financial derivatives, at fair value188,362 175,326 
Accrued interest payable (includes $6,568 and $8,081, respectively, related to consolidated trusts)
172,150 117,887 
Guarantee and commitment obligation47,607 46,582 
Accounts payable and accrued expenses58,776 68,863 
Reserve for losses1,660 1,433 
Total Liabilities26,926,114 26,061,152 
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, 9,309,351 shares and 9,270,265 shares outstanding, respectively
9,309 9,270 
Additional paid-in capital130,921 128,939 
Accumulated other comprehensive loss, net of tax(35,839)(50,843)
Retained earnings794,814 698,530 
Total Equity1,385,267 1,271,958 
Total Liabilities and Equity$28,311,381 $27,333,110 
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 EndedFor the Nine Months Ended
 September 30, 2023September 30, 2022September 30, 2023September 30, 2022
 (in thousands, except per share amounts)
Interest income:
Investments and cash equivalents$79,947 $21,581 $209,429 $38,497 
Farmer Mac Guaranteed Securities and USDA Securities161,351 74,695 442,649 169,231 
Loans140,513 97,514 388,837 241,393 
Total interest income381,811 193,790 1,040,915 449,121 
Total interest expense294,168 125,937 795,537 251,816 
Net interest income87,643 67,853 245,378 197,305 
Release of/(provision for) losses136 (617)(1,484)699 
Net interest income after release of/(provision for) losses87,779 67,236 243,894 198,004 
Non-interest income/(expense):
Guarantee and commitment fees5,520 2,643 12,942 9,551 
Gains on financial derivatives2,671 772 4,763 21,551 
(Losses)/gains on trading securities(2)(41)14 (75)
Release of/(provision for) reserve for losses
45 167 (227)440 
Other income1,271 651 3,239 1,805 
Non-interest income9,505 4,192 20,731 33,272 
Operating expenses:
Compensation and employee benefits14,103 11,648 43,391 36,661 
General and administrative9,100 6,919 26,047 21,717 
Regulatory fees831 812 2,497 2,437 
Operating expenses24,034 19,379 71,935 60,815 
Income before income taxes73,250 52,049 192,690 170,461 
Income tax expense15,113 10,631 40,306 35,735 
Net income58,137 41,418 152,384 134,726 
Preferred stock dividends(6,792)(6,791)(20,374)(20,374)
Net income attributable to common stockholders$51,345 $34,627 $132,010 $114,352 
Earnings per common share:
Basic earnings per common share$4.74 $3.21 $12.20 $10.61 
Diluted earnings per common share$4.69 $3.18 $12.08 $10.51 
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 EndedFor the Nine Months Ended
 September 30, 2023September 30, 2022September 30, 2023September 30, 2022
 (in thousands
Net income$58,137 $41,418 $152,384 $134,726 
Other comprehensive income/(loss):
Net unrealized gains/(losses) on available-for-sale securities 22,076 (41,827)46,068 (158,273)
Net changes in held-to-maturity securities(31,525)(622)(32,628)220 
Net unrealized gains on cash flow hedges
7,566 24,596 5,553 72,684 
Other comprehensive (loss)/income before tax
(1,883)(17,853)18,993 (85,369)
Income tax benefit/(expense) related to other comprehensive (loss)/income
395 3,748 (3,989)17,927 
Other comprehensive (loss)/income net of tax
(1,488)(14,105)15,004 (67,442)
Comprehensive income$56,649 $27,313 $167,388 $67,284 
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, 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 
Net Income— — — — — — 47,212 47,212 
Other comprehensive income, net of tax— — — — — 25,511 — 25,511 
Cash dividends:
Preferred stock— — — — — — (6,791)(6,791)
Common stock (cash dividend of $1.10 per share)
— — — — — — (11,921)(11,921)
Issuance of Class C Common Stock— — 16 16 54 — — 70 
Stock-based compensation cost— — — — 1,223 — — 1,223 
Other stock-based award activity— — — — (1,134)— — (1,134)
Balance as of June 30, 202319,980 $484,531 10,836 $10,836 $130,147 $(34,351)$755,392 $1,346,555 
Net Income— — — — — — 58,137 58,137 
Other comprehensive loss, net of tax
— — — — — (1,488)— (1,488)
Cash dividends:
Preferred stock— — — — — — (6,792)(6,792)
Common stock (cash dividend of $1.10 per share)
— — — — — — (11,923)(11,923)
Issuance of Class C Common Stock— — 4 4 64 — — 68 
Stock-based compensation cost— — — — 1,221 — — 1,221 
Other stock-based award activity— — — — (511)— — (511)
Balance as of September 30, 202319,980 $484,531 10,840 $10,840 $130,921 $(35,839)$794,814 $1,385,267 

6




Accumulated
AdditionalOther
Preferred StockCommon StockPaid-InComprehensiveRetainedTotal
SharesAmountSharesAmountCapitalIncome/(Loss)EarningsEquity
(in thousands)
Balance as of December 31, 202119,980 $484,531 10,766 $10,766 $125,993 $3,853 $588,557 $1,213,700 
Net Income— — — — — — 51,453 51,453 
Other comprehensive loss, net of tax— — — — — (43,518)— (43,518)
Cash dividends:
Preferred stock— — — —