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As filed with the Securities and Exchange Commission on May 9, 2022
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UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
WASHINGTON, D.C. 20549 |
Form 10-Q |
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☒ | 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
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☐ | 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

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FEDERAL AGRICULTURAL MORTGAGE CORPORATION |
(Exact name of registrant as specified in its charter) |
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Federally chartered instrumentality of the United States | | 52-1578738 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. employer identification number) |
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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 |
4.875% Non-Cumulative Preferred Stock, Series G | | AGM.PRG | | New 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 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 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.
Table of Contents | | | | | | | | |
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Item 1. | | |
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Item 1A. | Risk Factors | |
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Item 6. | | |
Signatures | | |
PART I
Item 1.Financial Statements
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
| | | | | | | | | | | |
| As of |
| March 31, 2022 | | December 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 cost | 44,970 | | | 44,970 | |
Other investments | 1,504 | | | 1,229 | |
Total Investment Securities | 4,241,788 | | | 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 cost | 1,906,218 | | | 2,033,239 | |
Total Farmer Mac Guaranteed Securities | 8,506,464 | | | 8,361,798 | |
USDA Securities: | | | |
Trading, at fair value | 3,386 | | | 4,401 | |
Held-to-maturity, at amortized cost | 2,436,103 | | | 2,436,331 | |
Total USDA Securities | 2,439,489 | | | 2,440,732 | |
Loans: | | | |
Loans held for sale, at lower of cost or fair value | 9,000 | | | — | |
Loans held for investment, at amortized cost | 8,481,310 | | | 8,314,096 | |
Loans held for investment in consolidated trusts, at amortized cost | 888,200 | | | 948,623 | |
Allowance for losses | (13,570) | | | (14,041) | |
Total loans, net of allowance | 9,364,940 | | | 9,248,678 | |
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Financial derivatives, at fair value | 26,329 | | | 19,139 | |
Interest receivable (includes $5,679 and $10,418, respectively, related to consolidated trusts) | 148,228 | | | 177,355 | |
Guarantee and commitment fees receivable | 45,021 | | | 45,538 | |
Deferred tax asset, net | 24,910 | | | 15,558 | |
Prepaid expenses and other assets | 102,199 | | | 45,318 | |
Total Assets | $ | 25,789,414 | | | $ | 25,145,491 | |
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Liabilities and Equity: | | | |
Liabilities: | | | |
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Notes payable | $ | 23,039,967 | | | $ | 22,716,156 | |
Debt securities of consolidated trusts held by third parties | 895,145 | | | 981,379 | |
Financial derivatives, at fair value | 105,574 | | | 34,248 | |
Accrued interest payable (includes $4,724 and $9,619, respectively, related to consolidated trusts) | 89,761 | | | 83,992 | |
Guarantee and commitment obligation | 43,285 | | | 43,926 | |
Accounts payable and accrued expenses | 420,998 | | | 79,427 | |
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Reserve for losses | 1,840 | | | 1,950 | |
Total Liabilities | 24,596,570 | | | 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 capital | 127,103 | | | 125,993 | |
Accumulated other comprehensive (loss)/income, net of tax | (39,665) | | | 3,853 | |
Retained earnings | 610,087 | | | 579,270 | |
Total Equity | 1,192,844 | | | 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.
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
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| For the Three Months Ended | |
| March 31, 2022 | | March 31, 2021 | | | | | | |
| (in thousands, except per share amounts) |
Interest income: | | | | | | | | | |
Investments and cash equivalents | $ | 5,716 | | | $ | 5,529 | | | | | | | |
Farmer Mac Guaranteed Securities and USDA Securities | 39,257 | | | 42,404 | | | | | | | |
Loans | 67,247 | | | 59,494 | | | | | | | |
Total interest income | 112,220 | | | 107,427 | | | | | | | |
Total interest expense | 50,345 | | | 54,176 | | | | | | | |
Net interest income | 61,875 | | | 53,251 | | | | | | | |
Provision for losses | (56) | | | (913) | | | | | | | |
Net interest income after provision for losses | 61,819 | | | 52,338 | | | | | | | |
Non-interest income/(expense): | | | | | | | | | |
Guarantee and commitment fees | 3,695 | | | 3,030 | | | | | | | |
Gains on financial derivatives | 16,074 | | | 4,293 | | | | | | | |
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Losses on trading securities | (63) | | | (13) | | | | | | | |
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Release of reserve for losses | 110 | | | 944 | | | | | | | |
Other income | 675 | | | 583 | | | | | | | |
Non-interest income | 20,491 | | | 8,837 | | | | | | | |
Operating expenses: | | | | | | | | | |
Compensation and employee benefits | 13,298 | | | 11,795 | | | | | | | |
General and administrative | 7,278 | | | 6,336 | | | | | | | |
Regulatory fees | 812 | | | 750 | | | | | | | |
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Operating expenses | 21,388 | | | 18,881 | | | | | | | |
Income before income taxes | 60,922 | | | 42,294 | | | | | | | |
Income tax expense | 13,085 | | | 9,067 | | | | | | | |
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Net income | 47,837 | | | 33,227 | | | | | | | |
Preferred stock dividends | (6,791) | | | (5,269) | | | | | | | |
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Net income attributable to common stockholders | $ | 41,046 | | | $ | 27,958 | | | | | | | |
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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.
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
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| For the Three Months Ended |
| March 31, 2022 | | March 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 hedges | 31,204 | | | 18,916 | | | | | |
Other comprehensive (loss)/income before tax | (55,086) | | | 83,123 | | | | | |
Income tax benefit/(expense) related to other comprehensive (loss)/income | 11,568 | | | (17,456) | | | | | |
Other comprehensive (loss)/income net of tax | (43,518) | | | 65,667 | | | | | |
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Comprehensive income | $ | 4,319 | | | $ | 98,894 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | Accumulated | | | | |
| | | | | | | | | Additional | | Other | | | | |
| Preferred Stock | | Common Stock | | Paid-In | | Comprehensive | | Retained | | Total |
| Shares | | Amount | | Shares | | Amount | | Capital | | Income/(Loss) | | Earnings | | Equity |
| (in thousands) |
Balance as of December 31, 2021 | 19,980 | | | $ | 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, 2022 | 19,980 | | | $ | 484,531 | | | 10,788 | | | $ | 10,788 | | | $ | 127,103 | | | $ | (39,665) | | | $ | 610,087 | | | $ | 1,192,844 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Balance as of December 31, 2020 | 14,980 | | | $ | 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, 2021 | 14,980 | | | $ | 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.
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
| | | | | | | | | | | | | |
| For the Three Months Ended |
| March 31, 2022 | | March 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 Securities | 1,913 | | | 4,933 | | | |
Amortization of debt premiums, discounts, and issuance costs | 2,018 | | | 1,994 | | | |
Net change in fair value of trading securities, hedged assets, and financial derivatives | 231,470 | | | 300,424 | | | |
| | | | | |
| | | | | |
| | | | | |
Total (release of)/provision for allowance for losses | (54) | | | (31) | | | |
Excess tax benefits related to stock-based awards | (137) | | | 190 | | | |
Deferred income taxes | 2,216 | | | 1,387 | | | |
| | | | | |
Stock-based compensation expense | 2,113 | | | 1,665 | | | |
| | | | | |
| | | | | |
Proceeds from repayment of loans purchased as held for sale | 15,028 | | | 25,374 | | | |
Net change in: | | | | | |
Interest receivable | 29,408 | | | 43,601 | | | |
Guarantee and commitment fees receivable | (124) | | | 103 | | | |
Other assets | (61,087) | | | (7,227) | | | |
Accrued interest payable | 5,769 | | | (7,522) | | | |
Custodial deposit liability | (17,027) | | | — | | | |
Other liabilities | 9,962 | | | (322) | | | |
Net cash provided by operating activities | 269,305 | | | 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 securities | 418,414 | | | 446,325 | | | |
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities | 1,659,253 | | | 683,090 | | | |
Proceeds from repayment of loans purchased as held for investment | 463,602 | | | 624,448 | | | |
| | | | | |
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Proceeds from sale of Farmer Mac Guaranteed Securities | 25,928 | | | 49,133 | | | |
| | | | | |
Net cash (used in)/provided by investing activities | (716,819) | | | 64,598 | | | |
Cash flows from financing activities: | | | | | |
Proceeds from issuance of discount notes | 13,577,266 | | | 16,077,510 | | | |
Proceeds from issuance of medium-term notes | 2,626,165 | | | 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 issuance | 46 | | | 12 | | | |
| | | | | |
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Tax payments related to share-based awards | (119) | | | (126) | | | |
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Dividends paid on common and preferred stock | (17,020) | | | (14,719) | | | |
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