The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation’s secondary market provider that increases the availability and affordability of credit for the benefit of rural America, today announced its results for the fiscal quarter ended September 30, 2022.
“I’m pleased to report another quarter of outstanding results, building upon the solid financial results we delivered in the first half of the year,” said President and Chief Executive Officer Brad Nordholm.
“During the quarter, we continued to closely monitor the changing economic conditions and believe that we’re well- positioned to withstand ongoing market volatility. Our capital base is strong and serves as a buffer against unexpected market developments while supporting our future growth and creating more opportunities for shareholder value.”
Third Quarter 2022 Highlights
• Added $2.7 billion of gross business volume, resulting in net growth of $847.2 million
• Net interest income grew $8.9 million year-over-year to $67.9 million
• Net effective spread increased 17% from the prior-year period to a record $65.6 million
• Net income attributable to common stockholders of $34.6 million compared to $28.5 million in third quarter 2021
• Record Core earnings of $33.4 million, or $3.07 per diluted common share, reflecting 21% growth year-over-year
• 90-day delinquencies were 0.17% across the entire $25.3 billion portfolio as of September 30, 2022
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