Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 245

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 245
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 income/yield$31,711,121 $90,939 1.15 %$29,939,265 $86,368 1.15 %

(1)Excludes interest income of $9.9 million and $9.0 million in first quarter 2025 and 2024, respectively, related to consolidated trusts with beneficial interests owned by third parties (single-class).

(2)Excludes interest expense of $8.9 million and $7.9 million in first quarter 2025 and 2024, respectively, related to consolidated trusts with beneficial interests owned by third parties (single-class).

(3)Includes the effect of consolidated trusts with beneficial interests owned by third parties (single-class).

The $4.6 million year-over-year increase in net interest income for first quarter 2025 compared to first quarter 2024 was primarily attributable to a $6.4 million increase from net new business volume and a $0.6 million decrease in funding costs, partially offset by a $1.9 million decrease in the fair value of designated financial derivatives.

The following table sets forth information about changes in the components of Farmer Mac's net interest income prior to consolidation of certain trusts for the periods indicated. For each category, information is provided on changes attributable to changes in volume (change in volume multiplied by prior rate), and changes in rate (change in rate multiplied by old volume), and then allocated based on the relative size of rate and volume changes from the prior period.  

Table 9  For the Three Months Ended March 31, 2025Compared to Same Period in 2024 Increase/(Decrease) Due to RateVolumeTotal (in thousands)Income from interest-earning assets:   Cash and investments$(13,608)$11,992 $(1,616)Loans, Farmer Mac Guaranteed Securities and USDA Securities(24,521)10,329 (14,192)Total(38,129)22,321 (15,808)Expense from other interest-bearing liabilities(36,957)16,536 (20,421)Change in net interest income prior to consolidation of certain trusts(1)$(1,172)$5,785 $4,613 

(1)Excludes the effect of debt in consolidated trusts with beneficial interests owned by third parties (single-class). 

The following table presents a reconciliation of net interest income and net interest yield to net