Farmer Mac Q2 2024: core EPS $3.63 (down 6% YoY), net interest income $87.3M (+11% YoY)

FEDERAL AGRICULTURAL MORTGAGE CORP

2024-Q2 EPS reported $7.96

Net income attributable to common $40.3M, down $0.1M YoY; diluted GAAP EPS $3.68 vs $3.70.
Net effective spread $83.6M, up 2% YoY; net interest income $87.3M, up 11% YoY.
Total core capital $1.5B, exceeding statutory requirement by 71%; Tier 1 Capital Ratio 15.3%.
Closed fourth structured securitization of ~$300M agricultural mortgages; provided $1.5B liquidity to rural lenders.
Business volume $28.8B; sequential decline of $88.9M but YoY increase of $252.9M.

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