Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 180

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 180
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 earnings$171,630 $171,156 $124,314 Composition of Core Earnings:Revenues:Net effective spread(1)$339,564 $326,980 $255,529 Guarantee and commitment fees(2)20,321 18,928 18,144 Gain on sale of investment securities (GAAP)1,052 — — Loss on sale of mortgage loan (GAAP)(1,147)— — Other(3)2,200 3,299 1,684 Total revenues361,990 349,207 275,357 Credit related expense (GAAP):Provision for losses11,490 1,136 806 REO operating expenses196 — 819 Total credit related expense11,686 1,136 1,625 Operating expenses (GAAP):Compensation and employee benefits63,975 58,914 48,766 General and administrative38,236 34,963 29,772 Regulatory fees3,175 3,222 3,269 Total operating expenses105,386 97,099 81,807 Net earnings244,918 250,972 191,925 Income tax expense(4)48,142 52,651 40,446 Preferred stock dividends (GAAP)25,146 27,165 27,165 Core earnings$171,630 $171,156 $124,314 Core earnings per share:  Basic$15.78 $15.80 $11.52   Diluted$15.64 $15.65 $11.42 Weighted-average shares:  Basic10,874 10,829 10,791   Diluted10,975 10,937 10,883 

(1)Net effective spread is a non-GAAP measure. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for an explanation of net effective spread. See Table 10 for a reconciliation of net interest income to net effective spread.

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(2)Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.