Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 181

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 181
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 respective portfolio as of March 31, 2025 and December 31, 2024:  

Table 4On-Balance SheetOff-Balance SheetSubstandard Assets% of PortfolioSubstandard Assets% of Portfolio(dollars in thousands)March 31, 2025$428,150 4.8 %$37,800 1.1 %December 31, 2024367,012 4.2 %31,240 0.9 %Increase/(decrease) from prior year-ending61,138 0.6 %6,560 0.2 %

The increase of $61.1 million in on-balance sheet substandard assets during first quarter was primarily driven by credit downgrades in agricultural storage and processing, crops, and permanent plantings. 

As of both March 31, 2025 and December 31, 2024, there were two substandard assets with a cumulative outstanding balance of $42.2 million and $42.5 million, respectively, in the Infrastructure Finance portfolio.

For an analysis of current loan-to-value ratios across substandard and other internally assigned risk ratings, see Table 25 in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Credit Risk—Loans and Guarantees."

The following table presents 90-day delinquencies for the on- and off-balance sheet Agricultural Finance portfolios in dollars and as a percentage of the respective balance sheet category as of March 31, 2025 and December 31, 2024:  

Table 5On-Balance SheetOff-Balance Sheet90-DayDelinquencies% of Portfolio90-DayDelinquencies% of Portfolio(dollars in thousands)March 31, 2025$155,438 1.75 %$4,539 0.13 %December 31, 2024101,340 1.15 %7,604 0.22 %Increase/(decrease) from prior year-ending54,098 0.60 %(3,065)(0.09)%

On-balance sheet Agricultural Finance assets 90 or more days delinquent increased in permanent plantings, crops, livestock, and part-time farms. Off-balance sheet Agricultural Finance assets 90 days or more delinquent decreased in crops, permanent plantings, and livestock. The top ten borrower exposures over 90 days delinquent in either the on- or off-b