Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 189

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 189
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/(release of) losses 4,343 1,441 5,784 3,666 841 5,008 5,849 (1,337)Charge-offs(2,840)— (2,840)— (101)(3,942)(4,043)— Recovery— 123 123 — — — — — Ending Balance$6,635 $6,943 $13,578 $16,378 $4,676 $4,014 $8,690 $7,810 (1)As of June 30, 2025 and 2024, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.7 million and $1.2 million allowance for collateral dependent assets secured by agricultural real estate, respectively.(2)As of June 30, 2025 and 2024, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $1.0 million and $0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively.(3)As of both June 30, 2025 and 2024, the allowance for losses for Infrastructure Finance loans includes no allowance for collateral dependent assets. The $5.0 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended June 30, 2025 was primarily attributable to two individual Farm & Ranch borrowers, one with a permanent planting loan and the other a crop loan. During second quarter 2025, we recorded a charge-off of $2.8 million related to these two specific borrower relationships to reflect the amount of each loan that we deemed uncollectible.  The remaining net provision was related to credit downgrades and declining economic forecast factors. The $2.7 million net provision to the allowance for the Infrastructure Finance portfolio during the quarter ended June 30, 2025 was primarily attributable to two borrowers that were downgraded, one within Renewable Energy and one within Broadband Infrastructure, as well as new volume growth in those operating segments. The $5.8 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the six months ended June 30, 2025 was primarily attributable to the factors noted above, along with new volume growth.The $3.7 million net provision to the allowance for the Infrastructure Finance portfolio during the six months ended June 30, 2025 was primarily attributable to new volume