Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 244

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 244
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 months ended March 31, 2025 and 2024. The average balance of non-accruing loans is included in the average balance of loans, Farmer Mac Guaranteed Securities, and USDA Securities presented, though the related income is accounted for on a cash basis. Therefore, as the average balance of non-accruing loans and the income received increases or decreases, the net interest income and yield will fluctuate accordingly. The average balance of loans in consolidated trusts with beneficial interests owned by third parties (single-class) and for which Farmer Mac guarantees all classes of securities issued is disclosed in the net effect of consolidated trusts and is not included in the average balances of interest-earning assets and interest-bearing liabilities. The interest income and expense associated with these trusts are shown in the net effect of consolidated trusts. 

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Table 8

  For the Three Months Ended March 31, 2025March 31, 2024AverageBalanceIncome/ExpenseAverageRateAverageBalanceIncome/ExpenseAverageRate (dollars in thousands)Interest-earning assets:     Cash and investments$7,198,035 $83,308 4.63 %$6,244,375 $84,924 5.44 %Loans, Farmer Mac Guaranteed Securities and USDA Securities(1)23,641,621 288,211 4.88 %22,842,007 302,403 5.30 %Total interest-earning assets30,839,656 371,519 4.82 %29,086,382 387,327 5.33 %Funding:    Total interest-bearing liabilities(2)28,685,250 281,590 3.93 %27,139,894 302,011 4.45 %Net non-interest-bearing funding2,154,405 — 1,946,488 — Total funding30,839,655 281,590 3.65 %29,086,382 302,011 4.15 %Net interest income/yield prior to consolidation of certain trusts30,839,655 89,929 1.17 %29,086,382 85,316 1.17 %Net effect of consolidated trusts(3)871,466 1,010 0.46 %852,883 1,052 0.49 %Net interest