Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 174

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 174
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 and Analysis of Financial Condition and Results of Operations—Results of Operations—Business Volume."

Capital

Table 3As ofDecember 31, 2024December 31, 2023(in thousands)Core capital$1,501,173 $1,452,008 Capital in excess of minimum capital level required583,527 589,399 

The decrease in capital in excess of the minimum capital level required was primarily due to the redemption of the Series C Preferred Stock, partially offset by an increase in retained earnings. 

Credit Quality

The following table presents Agricultural Finance on- and off-balance sheet substandard assets, in dollars and as a percentage of the respective portfolio as of December 31, 2024 and 2023:  

Table 4On-Balance SheetOff-Balance SheetSubstandard Assets% of PortfolioSubstandard Assets% of Portfolio(dollars in thousands)December 31, 2024$367,012 4.2 %$31,240 0.9 %December 31, 2023152,865 2.0 %33,086 1.0 %Increase/(decrease) from prior year-ending214,147 2.2 %(1,846)(0.1)%

The increase of $214.1 million in on-balance sheet substandard assets during 2024 was primarily driven by credit downgrades in permanent plantings, crops, livestock, part-time farms, and agricultural storage and processing. 

There were two substandard assets with a cumulative outstanding balance of $42.5 million in the Infrastructure Finance portfolio as of December 31, 2024. There was one substandard asset with an outstanding balance of $29.4 million in the Infrastructure Finance portfolio as of December 31, 2023.

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For an analysis of current loan-to-value ratios across substandard and other internally assigned risk ratings, see Table 25 in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Credit Risk—Loans and Guarantees."

The following table presents 90-day delinquencies for the on- and off-balance sheet Agricultural Finance portfolios in dollars and as a percentage of the respective balance sheet category as of December 31, 2024 and 2023:  

Table 5On-Balance SheetOff-Balance Sheet90-DayDelinquencies% of Portfolio90-DayDelinquencies% of Portfolio(dollars in thousands)December 31,