Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 37

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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, which has higher expected loss assumptions than their operating phase. The$5.6 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during thequarter ended June 30, 2024 was primarily attributable to a permanent planting loan that is in bankruptcyand of which $3.9 million was deemed uncollectible. Accordingly, a charge-off in the amount of $3.9 million was recorded in connection with that loan. The remaining provision during the quarter wasattributable to increased loan volume.The $1.3 million net release from the allowance for the Infrastructure Finance portfolio during thesix months ended June 30, 2024 was primarily attributable to a single telecommunications loan thatcompleted a restructuring during first quarter, which resulted in an improved collateral position and apaydown of approximately 15% of its previously unpaid principal balance. The $5.8 million net provisionto the allowance for the Agricultural Finance mortgage loan portfolio during the six months endedJune 30, 2024 was primarily attributable to the permanent planting loan mentioned above and increasedloan volume.The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of June 30, 2025 and December 31, 2024:Table 5.4As of June 30, 2025AccruingCurrent30-59 Days60-89 Days90 Days and Greater(2)Total Past DueNonaccrual Loans(3)(4)Total Loans(in thousands)Loans(1):Agricultural Finance loansFarm & Ranch$7,721,018 $19,491 $18,763 $4,694 $42,948 $141,890 $7,905,856 Corporate AgFinance1,412,989 — — — — 37,607 1,450,596 Total Agricultural Finance loans9,134,007 19,491 18,763 4,694 42,948 179,497 9,356,452 Infrastructure Finance loans5,484,656 — — — — — 5,484,656 Total $14,618,663 $19,491 $18,763 $4,694 $42,948 $179,497 $14,841,108 (1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented