Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 59

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 59
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5 million, which was primarily related to a single permanent planting borrower that entered into bankruptcy during second quarter 2024, at which time $3.9 million was deemed uncollectible.  The $0.8 million net provision to the allowance for the Infrastructure Finance portfolio during the year ended December 31, 2023 was primarily attributable to a single telecommunications loan that was downgraded to substandard during the year. The $0.1 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2023 was primarily attributable to increased loan volume. The $2.3 million net release from the allowance for the Infrastructure Finance portfolio during the year ended December 31, 2022 was primarily attributable to a risk rating upgrade on a single loan and improvements in forecasts of future economic conditions. The risk rating upgrade on that loan reflected that borrower's successful securitization of its large payable that arose during the arctic freeze that struck Texas in February 2021. The $3.4 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2022 was primarily attributable to a risk rating downgrade on a single agricultural storage and processing loan, due to its ongoing bankruptcy proceedings.The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of December 31, 2024 and 2023:Table 8.4As of December 31, 2024AccruingCurrent30-59 Days60-89 Days90 Days and Greater(2)Total Past DueNonaccrual loans(3)(4)Total Loans(in thousands)Loans(1):Agricultural Finance loansFarm & Ranch$7,299,364 $16,478 $7,268 $6,359 $30,105 $123,546 $7,453,015 Corporate AgFinance1,336,305 — — — — 45,369 1,381,674 Total Agricultural Finance loans8,635,669 16,478 7,268 6,359 30,105 168,915 8,834,689 Infrastructure Finance loans4,774,483 — — — — — 4,774,483 Total $13,410,152 $16,478 $7,268 $6,359