Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 5

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 statements.

3

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the Three Months Ended March 31, 2025March 31, 2024 (in thousands, except per share amounts)Interest income:Investments and cash equivalents$83,308 $84,924 Farmer Mac Guaranteed Securities and USDA Securities126,342 166,813 Loans171,764 144,580 Total interest income381,414 396,317 Total interest expense290,475 309,949 Net interest income90,939 86,368 (Provision for)/release of losses(1,684)1,801 Net interest income after (provision for)/release of losses89,255 88,169 Non-interest income/(expense):Guarantee and commitment fees4,479 3,917 (Losses)/gains on financial derivatives(2,636)2,079 Release of reserve for losses101 69 Other income1,436 1,249 Non-interest income3,380 7,314 Operating expenses:Compensation and employee benefits17,752 18,257 General and administrative10,758 8,255 Regulatory fees1,000 725 Operating expenses29,510 27,237 Income before income taxes63,125 68,246 Income tax expense13,474 14,500 Net income49,651 53,746 Preferred stock dividends(5,666)(6,791)Net income attributable to common stockholders$43,985 $46,955 Earnings per common share:Basic earnings per common share$4.04 $4.33 Diluted earnings per common share$4.01 $4.28 

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

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FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

For the Three Months Ended March 31, 2025March 31, 2024 (in thousands)Net income$49,651 $53,746 Other comprehensive income/(loss):Net unrealized gains on available-for-sale securities 21,762 39,952 Net changes in held