10-Q 1 agm-20220331.htm 10-Q agm-20220331
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As filed with the Securities and Exchange Commission on May 9, 2022
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, 2022
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 

agm-20220331_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
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 May 2, 2022, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,263,931 shares of Class C non-voting common stock.

1





Table of Contents
Item 1.
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
 March 31, 2022December 31, 2021
 (in thousands)
Assets:  
Cash and cash equivalents$890,046 $908,785 
Investment securities:  
Available-for-sale, at fair value (amortized cost of $4,258,227 and $3,834,714, respectively)
4,195,314 3,836,391 
Held-to-maturity, at amortized cost44,970 44,970 
Other investments1,504 1,229 
Total Investment Securities4,241,788 3,882,590 
Farmer Mac Guaranteed Securities:  
Available-for-sale, at fair value (amortized cost of $6,672,894 and $6,135,807, respectively)
6,600,246 6,328,559 
Held-to-maturity, at amortized cost1,906,218 2,033,239 
Total Farmer Mac Guaranteed Securities8,506,464 8,361,798 
USDA Securities:  
Trading, at fair value3,386 4,401 
Held-to-maturity, at amortized cost2,436,103 2,436,331 
Total USDA Securities2,439,489 2,440,732 
Loans:  
Loans held for sale, at lower of cost or fair value9,000  
Loans held for investment, at amortized cost8,481,310 8,314,096 
Loans held for investment in consolidated trusts, at amortized cost888,200 948,623 
Allowance for losses(13,570)(14,041)
Total loans, net of allowance9,364,940 9,248,678 
Financial derivatives, at fair value26,329 19,139 
Interest receivable (includes $5,679 and $10,418, respectively, related to consolidated trusts)
148,228 177,355 
Guarantee and commitment fees receivable45,021 45,538 
Deferred tax asset, net24,910 15,558 
Prepaid expenses and other assets102,199 45,318 
Total Assets$25,789,414 $25,145,491 
Liabilities and Equity:  
Liabilities:  
Notes payable$23,039,967 $22,716,156 
Debt securities of consolidated trusts held by third parties895,145 981,379 
Financial derivatives, at fair value105,574 34,248 
Accrued interest payable (includes $4,724 and $9,619, respectively, related to consolidated trusts)
89,761 83,992 
Guarantee and commitment obligation43,285 43,926 
Accounts payable and accrued expenses420,998 79,427 
Reserve for losses1,840 1,950 
Total Liabilities24,596,570 23,941,078 
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, 9,256,596 shares and 9,235,205 shares outstanding, respectively
9,257 9,235 
Additional paid-in capital127,103 125,993 
Accumulated other comprehensive (loss)/income, net of tax(39,665)3,853 
Retained earnings610,087 579,270 
Total Equity1,192,844 1,204,413 
Total Liabilities and Equity$25,789,414 $25,145,491 
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, 2022March 31, 2021
 (in thousands, except per share amounts)
Interest income:
Investments and cash equivalents$5,716 $5,529 
Farmer Mac Guaranteed Securities and USDA Securities39,257 42,404 
Loans67,247 59,494 
Total interest income112,220 107,427 
Total interest expense50,345 54,176 
Net interest income61,875 53,251 
Provision for losses(56)(913)
Net interest income after provision for losses61,819 52,338 
Non-interest income/(expense):
Guarantee and commitment fees3,695 3,030 
Gains on financial derivatives16,074 4,293 
Losses on trading securities(63)(13)
Release of reserve for losses110 944 
Other income675 583 
Non-interest income20,491 8,837 
Operating expenses:
Compensation and employee benefits13,298 11,795 
General and administrative7,278 6,336 
Regulatory fees812 750 
Operating expenses21,388 18,881 
Income before income taxes60,922 42,294 
Income tax expense13,085 9,067 
Net income47,837 33,227 
Preferred stock dividends(6,791)(5,269)
Net income attributable to common stockholders$41,046 $27,958 
Earnings per common share:
Basic earnings per common share$3.81 $2.60 
Diluted earnings per common share$3.77 $2.58 
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, 2022March 31, 2021
 (in thousands
Net income$47,837 $33,227 
Other comprehensive (loss)/incomes:
Net unrealized (losses)/gains on available-for-sale securities (86,267)66,364 
Net changes in held-to-maturity securities(23)(2,157)
Net unrealized gains on cash flow hedges31,204 18,916 
Other comprehensive (loss)/income before tax(55,086)83,123 
Income tax benefit/(expense) related to other comprehensive (loss)/income11,568 (17,456)
Other comprehensive (loss)/income net of tax(43,518)65,667 
Comprehensive income$4,319 $98,894 
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, 202119,980 $484,531 10,766 $10,766 $125,993 $3,853 $579,270 $1,204,413 
Net Income— — — — — — 47,837 47,837 
Other comprehensive loss, net of tax— — — — — (43,518)— (43,518)
Cash dividends:
Preferred stock— — — — — — (6,791)(6,791)
Common stock (cash dividend of $0.95 per share)
— — — — — — (10,229)(10,229)
Issuance of Class C Common Stock— — 22 22 46 — — 68 
Stock-based compensation cost— — — — 2,113 2,113 
Other stock-based award activity— — — — (1,049)— — (1,049)
Balance as of March 31, 202219,980 $484,531 10,788 $10,788 $127,103 $(39,665)$610,087 $1,192,844 
Balance as of December 31, 202014,980 $363,204 10,737 $10,737 $122,899 $(13,923)$509,560 $992,477 
Net Income— — — — — — 33,227 33,227 
Other comprehensive income, net of tax— — — — — 65,667 — 65,667 
Cash dividends:
Preferred stock— — — — — — (5,269)(5,269)
Common stock (cash dividend of $0.88 per share)
— — — — — — (9,450)(9,450)
Issuance of Class C Common Stock— — 21 21 12 — — 33 
Stock-based compensation cost— — — — 1,665 1,665 
Other stock-based award activity— — — — (858)— — (858)
Balance as of March 31, 202114,980 $363,204 10,758 $10,758 $123,718 $51,744 $528,068 $1,077,492 
The accompanying notes are an integral part of these consolidated financial statements.

6





FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
For the Three Months Ended
 March 31, 2022March 31, 2021
 (in thousands)
Cash flows from operating activities: 
Net income$47,837 $33,227 
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 Securities1,913 4,933 
Amortization of debt premiums, discounts, and issuance costs2,018 1,994 
Net change in fair value of trading securities, hedged assets, and financial derivatives231,470 300,424 
Total (release of)/provision for allowance for losses(54)(31)
Excess tax benefits related to stock-based awards(137)190 
Deferred income taxes2,216 1,387 
Stock-based compensation expense2,113 1,665 
Proceeds from repayment of loans purchased as held for sale15,028 25,374 
Net change in:
Interest receivable29,408 43,601 
Guarantee and commitment fees receivable(124)103 
Other assets(61,087)(7,227)
Accrued interest payable5,769 (7,522)
Custodial deposit liability(17,027) 
Other liabilities9,962 (322)
Net cash provided by operating activities269,305 397,796 
Cash flows from investing activities: 
Purchases of available-for-sale investment securities(845,114)(400,701)
Purchases of other investment securities(275)(403)
Purchases of Farmer Mac Guaranteed Securities and USDA Securities(1,720,619)(599,833)
Purchases of loans held for investment(718,008)(728,748)
Purchases of defaulted loans (8,713)
Proceeds from repayment of available-for-sale investment securities418,414 446,325 
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities1,659,253 683,090 
Proceeds from repayment of loans purchased as held for investment463,602 624,448 
Proceeds from sale of Farmer Mac Guaranteed Securities25,928 49,133 
Net cash (used in)/provided by investing activities(716,819)64,598 
Cash flows from financing activities: 
Proceeds from issuance of discount notes13,577,266 16,077,510 
Proceeds from issuance of medium-term notes2,626,165 3,498,544 
Payments to redeem discount notes(13,854,017)(16,199,154)
Payments to redeem medium-term notes(1,790,815)(3,638,000)
Payments to third parties on debt securities of consolidated trusts(112,731)(207,861)
Proceeds from common stock issuance46 12 
Tax payments related to share-based awards(119)(126)
Dividends paid on common and preferred stock(17,020)(14,719)