Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 193

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 193
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 2,503 30 %Regulatory fees1,000 725 275 38 %Total Operating Expenses$29,510 $27,237 $2,273 8 %

Compensation and Employee Benefits. The decrease in compensation and employee benefits expenses for the quarter ended March 31, 2025 compared to 2024 was primarily attributable to lower short-term incentive compensation awards.

General and Administrative Expenses (G&A). The increase in G&A expenses for the quarter ended March 31, 2025 compared to 2024 was primarily attributable to an increase in information technology infrastructure costs, transactional legal fees, hiring expenses, and servicing advance expenses. 

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Income Tax Expense. The following table presents income tax expense and the effective income tax rate for the three months ended March 31, 2025 and 2024:

Table 15 For the Three Months EndedChangeMarch 31, 2025March 31, 2024$% (dollars in thousands)Income tax expense$13,474 $14,500 $(1,026)(7)%Effective tax rate21.3 %21.2 %0.1 %

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Business Volume.  

The following table sets forth the net growth or decrease in Farmer Mac's lines of business for the three months ended March 31, 2025 and 2024: 

Table 16Net New Business Volume For the Three Months Ended On or Off Balance SheetMarch 31, 2025March 31, 2024Net Growth/(Decrease)Net Growth/(Decrease) (in thousands)Agricultural Finance:Farm & Ranch:LoansOn-balance sheet$86,335 $114,093 Loans held in consolidated trusts:Beneficial interests owned by third-party investors (single-class)(1)On-balance sheet(1,061)(13,756)Beneficial interests owned by third-party investors (structured)(1)On-balance sheet(31,542)(9,108)IO-FMGS(2)On-balance sheet(173)(177)USDA SecuritiesOn-balance sheet6,434 (13,978)AgVantage Securities(1)On-balance sheet(505,000)160,000 LTSPCs and unfunded loan commitmentsOff-balance sheet(40,194)(115,568)Other Farmer Mac Guaranteed Securities(3)Off-balance sheet(12,019