Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 2

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 2
---
,324,742 

 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, 2025September 30, 2024September 30, 2025September 30, 2024 (in thousands, except per share amounts)Interest income:Investments and cash equivalents$93,398 $88,879 $265,691 $258,341 Farmer Mac Guaranteed Securities and USDA Securities123,484 156,602 374,824 489,478 Loans198,459 162,247 555,262 459,932 Total interest income415,341 407,728 1,195,777 1,207,751 Total interest expense316,864 320,937 909,564 947,252 Net interest income98,477 86,791 286,213 260,499 Provision for losses(7,477)(3,428)(16,874)(7,806)Net interest income after provision for losses91,000 83,363 269,339 252,693 Non-interest income/(expense):Guarantee and commitment fees5,021 4,015 14,316 11,729 Losses on financial derivatives(1,062)(1,934)(3,618)(1,654)Losses on sale of mortgage loans— — — (1,147)Gains on sale of available-for-sale investment securities— — — 1,052 Release of reserve for losses44 170 46 188 Other income1,482 1,222 3,958 3,145 Non-interest income5,485 3,473 14,702 13,313 Operating expenses:Compensation and employee benefits17,743 15,237 53,126 48,334 General and administrative11,052 8,625 32,669 25,784 Regulatory fees1,000 725 3,000 2,175 Operating expenses29,795 24,587 88,795 76,293 Income before income taxes66,690 62,249 195,246 189,713