Farmer Mac Q1 2023: record core earnings $38.9M, net interest income up 21% YoY, GAAP EPS down 10%

FEDERAL AGRICULTURAL MORTGAGE CORP

2023-Q1 EPS reported $3.69

Core earnings record $38.9M ($3.56 diluted), up 51% YoY; GAAP net income $40.2M, down from $44.7M.
Net interest income $79.1M (+21% YoY); net effective spread $77.2M (+33% YoY) all-time record.
Business volume $26.5B, net growth $0.6B; 90-day delinquencies 0.27% across portfolio.
Core capital $1.4B, 65% above statutory requirement; Tier 1 Capital Ratio 15.7%.
Closed third securitization of ~$300M in agricultural mortgage loans.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FEDERAL AGRICULTURAL MORTGAGE CORP reported the fiscal quarter ended March 31, 2023 results: revenue $79.1 million, net income $40.2 million, EPS $3.69 per diluted share.

Period: the fiscal quarter ended March 31, 2023
Revenue: $79.1 million
Net income: $40.2 million
EPS: $3.69 per diluted share
Result: reported results

Exact text from the filing

cycles.” First Quarter 2023 Highlights • Added $1.7 billion of gross business volume, resulting in net growth of $0.6 billion • Net interest income grew 21% year-over-year to $79.1 million • Net effective spread 1 increased 33% from the prior-year period to a record $77.2 million • Net income attributable to common stockholders was $40.2 million, compared to $44.7

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Source: SEC EDGAR

accession 0000845877-23-000135

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