Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 186

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 186
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 of:•$3.3 million related to estimated decreases in land values of specific properties affected by ground water issues in California;•$4.9 million related to increased loss estimates on certain agricultural storage and processing substandard loans; and•$1.0 million related to increases in loan volume.These increases to the provision were partially offset by recoveries of $2.2 million related to permanent planting loans that were previously charged off.During third quarter 2025, we charged off $4.4 million attributable to the amount that we deemed uncollectible related to three borrowers. The $0.7 million net provision to the allowance for the Infrastructure Finance portfolio during the quarter ended September 30, 2025 was primarily attributable to net volume growth and a credit downgrade on a single borrower within Broadband Infrastructure, partially offset by improved economic forecasts. The $12.7 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the nine months ended September 30, 2025 was primarily attributable to the factors noted above, along with credit downgrades and net volume growth.

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The $4.4 million net provision to the allowance for the Infrastructure Finance portfolio during the nine months ended September 30, 2025 was primarily attributable to net volume growth and credit downgrades.The $1.5 million net provision to the allowance for the Infrastructure Finance portfolio during the quarter ended September 30, 2024 was primarily attributable to net volume growth. The $1.9 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended September 30, 2024 was primarily attributable to risk rating downgrades. The $0.2 million net provision to the allowance for the Infrastructure Finance portfolio during the nine months ended September 30, 2024 was primarily attributable to net volume growth. The $7.8 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the nine months ended September 30, 2024 was primarily attributable to credit downgrades related to two permanent planting borrower relationships and other risk rating downgrades.The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of September 30, 2025 and December 31, 2024:Table 5.4As of September 30, 2025AccruingCurrent30-59 Days60-89 Days90 Days and Greater(2)Total Past DueNonaccrual Loans