Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 186

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 186
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Table 9  2024 vs. 20232023 vs. 2022 Increase/(Decrease) Due toIncrease/(Decrease) Due to RateVolumeTotalRateVolumeTotal (in thousands)Income from interest-earning assets:   Cash and investments$29,813 $28,544 $58,357 $192,859 $11,626 $204,485 Loans, Farmer Mac Guaranteed Securities and USDA Securities81,814 66,918 148,732 407,548 60,847 468,395 Total111,627 95,462 207,089 600,407 72,473 672,880 Expense from other interest-bearing liabilities112,677 68,398 181,075 577,519 38,686 616,205 Change in net interest income prior to consolidation of certain trusts(1)$(1,050)$27,064 $26,014 $22,888 $33,787 $56,675 

(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 effective spread. Net effective spread is measured by: including (1) expenses related to undesignated financial derivatives, which consists of income or expense related to contractual amounts due on financial derivatives not designated in hedge relationships (the income or expense related to financial derivatives designated in hedge accounting relationships is already included in net interest income), and (2) the amortization of losses due to terminations or net settlements of financial derivatives; and excluding (1) the amortization of premiums and discounts on assets consolidated at fair value, (2) the net effects of consolidated trusts with beneficial interests owned by third parties (single-class), and (3) the fair value changes of financial derivatives and corresponding financial assets or liabilities in fair value hedge relationships. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for more information about net effective spread.

Table 10  For the Years Ended December 31, 202420232022 DollarsYieldDollarsYieldDollarsYield (dollars in thousands)Net interest income/yield$353,867 1.16 %$327,547 1