Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 270

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 270
---
 except per share amounts)Net income attributable to common stockholders$49,170 $40,313 Less reconciling items:  Losses on undesignated financial derivatives due to fair value changes (see Table 13)(639)(359)Gains on hedging activities due to fair value changes2,709 2,604 Unrealized losses on trading securities(65)(87)Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value25 26 Net effects of terminations or net settlements on financial derivatives255 (1,505)Income tax effect related to reconciling items(480)(143)Sub-total1,805 536 Core earnings$47,365 $39,777 Composition of Core Earnings:Revenues:Net effective spread(1)$93,893 $83,596 Guarantee and commitment fees(2)5,874 5,256 Gain on sale of investment securities (GAAP)— 1,052 Loss on sale of mortgage loan (GAAP)— (1,147)Other(3)742 481 Total revenues100,509 89,238 Credit related expense/(income) (GAAP):Provision for losses7,812 6,230 REO operating expenses148 — Gains on REO(87)— Total credit related expense/(income)7,873 6,230 Operating expenses (GAAP):Compensation and employee benefits17,631 14,840 General and administrative10,859 8,904 Regulatory fees1,000 725 Total operating expenses29,490 24,469 Net earnings63,146 58,539 Income tax expense(4)10,114 11,970 Preferred stock dividends (GAAP)5,667 6,792 Core earnings$47,365 $39,777 Core EPS:  Basic$4.33 $3.66   Diluted$4.32 $3.63 Weighted-average shares:  Basic10,933 10,879   Diluted10,963 10,956 

(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 more information and Table 10 for a reconciliation of net interest