Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 237

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 237
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 net increase of $0.2 billion from December 31, 2024 after taking into account all new business, maturities, sales, and paydowns on existing assets. The net increase was primarily attributable to a net increase of $0.7 billion in the Infrastructure Finance line of business, partially offset by a net decrease of $0.5 billion in the Agricultural Finance line of business.

For more information about Farmer Mac's business volume, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Business Volume."

Capital

Table 3As ofMarch 31, 2025December 31, 2024(in thousands)Core capital$1,527,454 $1,501,173 Capital in excess of minimum capital level required600,776 583,527 

The increase in capital in excess of the minimum capital level required was primarily attributable to an increase in retained earnings.

53

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 March 31, 2025 and December 31, 2024:  

Table 4On-Balance SheetOff-Balance SheetSubstandard Assets% of PortfolioSubstandard Assets% of Portfolio(dollars in thousands)March 31, 2025$428,150 4.8 %$37,800 1.1 %December 31, 2024367,012 4.2 %31,240 0.9 %Increase/(decrease) from prior year-ending61,138 0.6 %6,560 0.2 %

The increase of $61.1 million in on-balance sheet substandard assets during first quarter was primarily driven by credit downgrades in agricultural storage and processing, crops, and permanent plantings. 

As of both March 31, 2025 and December 31, 2024, there were two substandard assets with a cumulative outstanding balance of $42.2 million and $42.5 million, respectively, in the Infrastructure Finance portfolio.

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