Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 2

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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 AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the Three Months EndedFor the Six Months Ended June 30, 2025June 30, 2024June 30, 2025June 30, 2024 (in thousands, except per share amounts)Interest income:Investments and cash equivalents$88,985 $84,538 $172,293 $169,462 Farmer Mac Guaranteed Securities and USDA Securities124,998 166,063 251,340 332,876 Loans185,039 153,105 356,803 297,685 Total interest income399,022 403,706 780,436 800,023 Total interest expense302,225 316,366 592,700 626,315 Net interest income96,797 87,340 187,736 173,708 Provision for losses(7,713)(6,179)(9,397)(4,378)Net interest income after provision for losses89,084 81,161 178,339 169,330 Non-interest income/(expense):Guarantee and commitment fees4,816 3,797 9,295 7,714 Gains/(losses) on financial derivatives80 (1,799)(2,556)280 Losses on sale of mortgage loans— (1,147)— (1,147)Gains on sale of available-for-sale investment securities— 1,052 — 1,052 (Provision for)/release of reserve for losses(99)(51)2 18 Other income1,040 674 2,476 1,923 Non-interest income5,837 2,526 9,217 9,840 Operating expenses:Compensation and employee benefits17,631 14,840 35,383 33,097 General and administrative10,859 8,904 21,617 17,159 Regulatory fees1,000 725 2,000 1,450 Operating expenses29,490 24,469 59,000 51,706 Income before income taxes65,431 59,218 128,556 127,464 Income tax expense10,594 12,113 24,068 26,613