Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 6

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 6
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, except per share amounts)Interest income:Investments and cash equivalents$345,501 $287,144 $82,659 Farmer Mac Guaranteed Securities and USDA Securities628,828 590,250 283,769 Loans629,187 514,894 350,420 Total interest income1,603,516 1,392,288 716,848 Total interest expense1,249,649 1,064,741 445,908 Net interest income353,867 327,547 270,940 Provision for losses(11,579)(858)(1,323)Net interest income after provision for losses342,288 326,689 269,617 Non-interest income/(expense):Guarantee and commitment fees15,738 16,712 13,040 Gains on financial derivatives2,636 2,882 22,631 Losses on sale of mortgage loans(1,147)— — Gains on sale of available-for-sale investment securities1,052 — — Release of/(provision for) reserve for losses89 (278)517 Other income3,029 4,195 2,500 Non-interest income21,397 23,511 38,688 Operating expenses:Compensation and employee benefits63,975 58,914 48,766 General and administrative38,236 34,963 29,772 Regulatory fees3,175 3,222 3,269 Real estate owned operating costs, net196 — 819 Operating expenses105,582 97,099 82,626 Income before income taxes258,103 253,101 225,679 Income tax expense50,910 53,098 47,535 Net income207,193 200,003 178,144 Preferred stock dividends(25,146)(27,165)(27,165)Loss on retirement of preferred stock(1,619)— — Net income attributable to common stockholders$180,428 $172,838 $150,979 Earnings per common share:Basic earnings per common share$16.59 $15.97 $14.00 Diluted earnings per common share$16.44 $15.81 $13.87 

The accompanying notes are an integral part of these consolidated financial statements.

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FEDERAL A