WASHINGTON, May 11, 2020 /PRNewswire/ -- 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
March 31, 2020.
First Quarter 2020 Highlights
- Provided $1.3 billion in
liquidity and lending capacity in first quarter 2020, resulting in
net outstanding business volume growth of $421.4 million;
- Net income attributable to common stockholders was $9.4 million, or $0.87 per diluted common share;
- Core earnings, a non-GAAP measure was $20.1 million, or $1.87 per diluted common share;
- Net interest income grew $0.7
million year-over-year to $41.3
million;
- Net effective spread, a non-GAAP measure, increased 14% from
the prior-year period to $44.2
million;
- 90-day delinquencies were 0.37% of total outstanding business
volume as of March 31, 2020; and
- First quarter provision for credit losses of $3.8 million, largely driven by expected COVID-19
impact.
COVID-19 Update
- Maintaining uninterrupted access to the debt capital
markets;
- Continued strong liquidity position, as evidenced by
quarter-end cash position of $1.2
billion;
- Preserving capital and liquidity by indefinitely suspending
Farmer Mac's share repurchase program;
- Working with loan servicers to respond to and facilitate
payment deferment requests from borrowers; and
- Approved 71 payment deferments through May 1, 2020 in the Farm & Ranch line of
business with a total principal balance of $78.9 million.
"Our top priorities during this challenging time are to support
agricultural and rural communities nationwide, and ensuring our
employees continue to remain safe, healthy and productive," said
President and Chief Executive Officer Brad
Nordholm. "Our consistent first quarter results underscored
by strong business volume and continued access to capital markets,
illustrate our ability to respond dynamically to customer needs
during this time of market volatility and increased
uncertainty. We have a resilient business model based on our
consistent, conservative underwriting approach, as well as robust
liquidity, that we believe will allow us to navigate through these
challenging times and be well-positioned to deliver value to our
shareholders and customers over the long-term. "
First Quarter 2020 Results
Business Volume
Farmer Mac added $421.4 million
net business volume growth in first quarter 2020, resulting in
total outstanding business volume of $21.5
billion as of March 31,
2020. First quarter 2020 growth compares to net growth of
$782.4 million in first quarter 2019,
which included one large, unique transaction – the purchase of a
$546.2 million portfolio of
participations in seasoned Rural Utilities loans from CoBank.
Excluding the impact from the CoBank transaction in first quarter
2019, Farmer Mac's net growth in first quarter 2020 compared to
first quarter 2019 was $185.2 million.
Net growth this quarter was across all four lines of business:
$255.9 million in Institutional
Credit, $104.8 million in Rural
Utilities, $34.6 million in Farm
& Ranch, and $26.0 million in
USDA Guarantees.
The $255.9 million net growth in
Institutional Credit during first quarter 2020 was due primarily to
two large counterparties who either upsized in connection with the
refinancing of maturing bonds or issued new bonds that Farmer Mac
purchased. We also experienced net growth from smaller fund
counterparties.
The $104.8 million net growth in
Rural Utilities during first quarter 2020 was attributable to the
purchase of $152.7 million in loans
from the two main counterparties in that line of business,
partially offset by regularly scheduled payments, prepayments, and
maturities of loans previously purchased and loans under LTSPCs.
Net growth in Rural Utilities also included the financing of a
renewable energy project.
The $34.6 million net increase in
Farm & Ranch was comprised of a $81.8
million net increase in outstanding loan purchase volume,
partially offset by a $47.2 million
net decrease in loans under LTSPCs. The net growth in first quarter
2020 reflected our ability to retain borrowers in a decreasing
interest rate environment by proactively engaging with our
customers and adjusting their rates and loan sizes to reflect
current market conditions and their specific funding needs.
USDA Guarantees grew by $26.0
million in first quarter 2020 due primarily to gross volume
of $147.9 million, reflecting the
positive effect of adjustments that we made to our product
structure in the second half of 2019 to more effectively meet
customer demands in an increasingly competitive environment and in
response to increased loan limits mandated by the 2018 Farm
Bill.
Spreads
Net interest income for first quarter 2020 was $41.3 million, compared to $40.6 million in the prior year period. The
increase was primarily driven by net growth across all lines of
business. Net interest yield was 0.78% for first quarter
2020, as compared to 0.86% in first quarter 2019.
Net effective spread, a non-GAAP measure, for first quarter 2020
was $44.2 million, a $5.4 million increase from $38.8 million in the prior year period.
This increase was primarily attributable to growth in outstanding
business volume, which increased net effective spread by
approximately $5.2 million. In
percentage terms, net effective spread was 0.89% in both first
quarter 2020 and first quarter 2019.
Earnings
Farmer Mac's net income attributable to common stockholders for
first quarter 2020 were $9.4 million
($0.87 per diluted common share),
compared to $21.9 million
($2.03 per diluted common share) in
first quarter 2019. The $12.5 million
year-over-year decrease in net income attributable to common
stockholders was primarily due to a $7.1
million after-tax decrease in the fair value of undesignated
financial derivatives due to fluctuations in long-term interest
rates, a $2.6 million after-tax
increase in operating expenses, and a $3.3
million after-tax increase in the total provision for
losses. Farmer Mac enters into financial derivatives
transactions to hedge interest rate risks inherent in its business
and carries its financial derivatives at fair value in its
consolidated financial statements. As these fluctuations are not
expected to have a cumulative impact on Farmer Mac's earnings,
Farmer Mac uses non-GAAP core earnings as a useful alternative
measure to understand the business.
Farmer Mac's non-GAAP core earnings for first quarter 2020 was
$20.1 million ($1.87 per diluted common share), compared to
$22.2 million ($2.06 per diluted common share) in first quarter
2019. The $2.1 million
year-over-year decrease in core earnings was primarily due to a
$3.3 million after-tax increase in
the total provision for losses and a $2.6
million after-tax increase in operating expenses. These
decreases were partially offset by a $4.2
million after-tax increase in net effective spread resulting
primarily from an increase in outstanding business volume.
The increase in the provision for credit losses for the quarter
was primarily due to the recent developments related to COVID-19
and the resulting impact on the economic assumptions used in the
Current Expected Credit Losses ("CECL") model, which Farmer Mac
adopted on January 1, 2020 to replace
the incurred loss model. The economic effects from the
COVID-19 pandemic were due to the adverse economic shock
assumptions and the resulting impact on credit spreads and higher
unemployment. Of the $3.8 million
expected credit loss provision that we recorded in first quarter
2020, $3.5 million was attributable
to updated economic factors, predominantly related to COVID-19.
See "Use of Non-GAAP Measures" below for more information about
core earnings, core earnings per share, and net effective spread
and for reconciliations of the comparable GAAP measures to these
non-GAAP measures.
Credit
As of March 31, 2020, Farmer Mac's allowance for losses was
$19.1 million, compared to
$12.6 million as of December 31, 2019. The increase was
primarily due to the adoption of CECL and the economic uncertainty
related to the COVID-19 pandemic and resulting expected losses.
Across all of Farmer Mac's lines of business, Farmer Mac's
allowance for losses represented 0.09% of total outstanding
business volume as of March 31, 2020, compared to 0.06% as of
December 31, 2019.
As of March 31, 2020, substandard assets were $317.4 million, compared to $315.0 million as of December 31,
2019. The increase of $2.4
million in substandard assets during first quarter 2020
reflected overall business volume growth. Across all of Farmer
Mac's lines of business, substandard assets represented 1.5% of
total outstanding business volume for both periods.
As of March 31, 2020, Farmer Mac's 90-day delinquencies
were $79.7 million, compared to
$61.0 million as of December 31,
2019 and $52.4 million as of
March 31, 2019. The sequential
increase in 90-day delinquencies is primarily due to seasonal
delinquencies associated with loans that have annual (January 1st) and semi-annual (January 1st and July
1st) payment terms, which account for most of the loans in
the Farm & Ranch portfolio. Across all of Farmer Mac's
lines of business, 90-day delinquencies represented 0.37% of total
outstanding business volume as of March 31, 2020, compared to
0.29% as of December 31, 2019 and 0.26% as of March 31, 2019.
Capital
As of March 31, 2020, Farmer Mac's core capital level was
$815.1 million, which was
$165.8 million above the minimum
capital level required by our statutory charter. This
compares to $815.4 million as of
December 31, 2019, which was
$196.6 million above the minimum
capital requirement. Farmer Mac's Tier 1 capital ratio was
12.6% as of March 31, 2020. The modest decrease in
capital in excess of the minimum capital level required was
primarily due to net growth in outstanding business volume of
$421.4 million, requiring additional
consumption of capital, coupled with a decrease in retained
earnings primarily related to the adoption of CECL.
Earnings Conference Call Information
The conference call to discuss Farmer Mac's first quarter 2020
financial results will be held beginning at 8:30 a.m. Eastern time on Tuesday, May 12, 2020
and can be accessed by telephone or live webcast as follows:
Telephone (Domestic): (888) 346-2616
Telephone (International): (412) 902-4254
Webcast:
https://www.farmermac.com/investors/events-presentations/
When dialing in to the call, please ask for the "Farmer Mac
Earnings Conference Call." The call can be heard live and will also
be available for replay on Farmer Mac's website for two weeks
following the conclusion of the call.
More complete information about Farmer Mac's performance for
first quarter 2020 is in Farmer Mac's Annual Report on Form 10-Q
for the quarter ended March 31, 2020
filed today with the SEC.
Use of Non-GAAP Measures
In the accompanying analysis of its financial information,
Farmer Mac uses the following non-GAAP measures: "core earnings,"
"core earnings per share," and "net effective spread." Farmer Mac
uses these non-GAAP measures to measure corporate economic
performance and develop financial plans because, in management's
view, they are useful alternative measures in understanding Farmer
Mac's economic performance, transaction economics, and business
trends. The non-GAAP financial measures that Farmer Mac uses may
not be comparable to similarly labeled non-GAAP financial measures
disclosed by other companies. Farmer Mac's disclosure of these
non-GAAP measures is intended to be supplemental in nature and is
not meant to be considered in isolation from, as a substitute for,
or as more important than, the related financial information
prepared in accordance with GAAP.
Core earnings and core earnings per share principally differ
from net income attributable to common stockholders and earnings
per common share, respectively, by excluding the effects of fair
value fluctuations. These fluctuations are not expected to have a
cumulative net impact on Farmer Mac's financial condition or
results of operations reported in accordance with GAAP if the
related financial instruments are held to maturity, as is
expected.
Core earnings and core earnings per share also differ from net
income attributable to common stockholders and earnings per common
share, respectively, by excluding specified infrequent or unusual
transactions that Farmer Mac believes are not indicative of future
operating results and that may not reflect the trends and economic
financial performance of Farmer Mac's core business. For
example, we have excluded from core earnings losses on retirement
of preferred stock and the re-measurement of the deferred tax
asset.
Farmer Mac uses net effective spread to measure the net spread
Farmer Mac earns between its interest-earning assets and the
related net funding costs of these assets. Net effective spread
differs from net interest income and net interest yield because it
excludes: (1) the amortization of premiums and discounts on assets
consolidated at fair value that are amortized as adjustments to
yield in interest income over the contractual or estimated
remaining lives of the underlying assets; (2) interest income and
interest expense related to consolidated trusts with beneficial
interests owned by third parties, which are presented on Farmer
Mac's consolidated balance sheets as "Loans held for investment in
consolidated trusts, at amortized cost"; and (3) the fair
value changes of financial derivatives and the corresponding assets
or liabilities designated in a fair value hedge accounting
relationship.
Net effective spread also principally differs from net interest
income and net interest yield because it includes:
(1) the accrual of income and expense related to the
contractual amounts due on financial derivatives that are not
designated in hedge accounting relationships ("undesignated
financial derivatives"); and (2) the net effects of terminations or
net settlements on financial derivatives. More information
about Farmer Mac's use of non-GAAP measures is available in
"Management's Discussion and Analysis of Financial Condition and
Results of Operations—Results of Operations" in Farmer Mac's Annual
Report on Form 10-K for the year ended December 31, 2019 filed February 25, 2020 with the SEC.
For a reconciliation of Farmer Mac's net income attributable to
common stockholders to core earnings and of earnings per common
share to core earnings per share, and net interest income and net
interest yield to net effective spread, see "Reconciliations"
below.
Forward-Looking Statements
Management's expectations for Farmer Mac's future necessarily
involve assumptions and estimates and the evaluation of risks and
uncertainties. Various factors or events, both known and unknown,
could cause Farmer Mac's actual results to differ materially from
the expectations as expressed or implied by the forward-looking
statements in this release, including uncertainties about:
- the effects of the novel coronavirus disease 2019 ("COVID-19")
pandemic on the business operations of agricultural and rural
borrowers, the capital markets, and Farmer Mac's business
operations;
- the availability to Farmer Mac of debt and equity financing
and, if available, the reasonableness of rates and terms;
- legislative or regulatory developments that could affect Farmer
Mac, its sources of business, or the agricultural or rural
utilities industries;
- fluctuations in the fair value of assets held by Farmer Mac and
its subsidiaries;
- the level of lender interest in Farmer Mac's products and the
secondary market provided by Farmer Mac;
- the general rate of growth in agricultural mortgage and rural
utilities indebtedness;
- the effect of economic conditions and geopolitics on
agricultural mortgage or rural utilities lending, borrower
repayment capacity, or collateral values, including fluctuations in
interest rates, changes in U.S. trade policies, fluctuations in
export demand for U.S. agricultural products, and volatility in
commodity prices;
- the degree to which Farmer Mac is exposed to interest rate risk
resulting from fluctuations in Farmer Mac's borrowing costs
relative to market indexes;
- developments in the financial markets, including possible
investor, analyst, and rating agency reactions to events involving
government-sponsored enterprises, including Farmer Mac;
- the effect of any changes in Farmer Mac's executive leadership;
and
- other factors that could have a negative effect on agricultural
mortgage lending or borrower repayment capacity, including the
effects of weather and fluctuations in agricultural real estate
values.
Other risk factors are discussed in "Risk Factors" in Part I,
Item 1A in Farmer Mac's Annual Report on Form 10-K for the year
ended December 31, 2019. Considering
these potential risks and uncertainties, no undue reliance should
be placed on any forward-looking statements expressed in this
release. The forward-looking statements contained in this release
represent management's expectations as of the date of this release.
Farmer Mac undertakes no obligation to release publicly the results
of revisions to any forward-looking statements included in this
release to reflect new information or any future events or
circumstances, except as otherwise required by applicable law. The
information in this release is not necessarily indicative of future
results.
About Farmer Mac
Farmer Mac is a vital part of the
agricultural credit markets and was created to increase access to
and reduce the cost of credit for the benefit of American
agricultural and rural communities. As the nation's secondary
market for agricultural credit, we provide financial solutions to a
broad spectrum of the agricultural community, including
agricultural lenders, agribusinesses, and other institutions that
can benefit from access to flexible, low-cost financing and risk
management tools. Farmer Mac's customers benefit from our low cost
of funds, low overhead costs, and high operational efficiency. For
more than thirty years, Farmer Mac has been delivering the capital
and commitment rural America deserves. More information about
Farmer Mac (including the Quarterly Report on Form 10-Q and the
Annual Report on Form 10-K referenced above) is available on Farmer
Mac's website at www.farmermac.com.
FEDERAL
AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(unaudited)
|
|
|
|
As of
|
|
March 31,
2020
|
|
December 31,
2019
|
|
(in
thousands)
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,231,585
|
|
|
$
|
604,381
|
|
Investment
securities:
|
|
|
|
Available-for-sale, at
fair value (amortized cost of $2,959,694 and $2,961,430,
respectively)
|
2,961,157
|
|
|
2,959,843
|
|
Held-to-maturity, at
amortized cost
|
45,032
|
|
|
45,032
|
|
Total Investment
Securities
|
3,006,189
|
|
|
3,004,875
|
|
Farmer Mac Guaranteed
Securities:
|
|
|
|
Available-for-sale, at
fair value (amortized cost of $7,273,303 and $7,016,971,
respectively)
|
7,587,186
|
|
|
7,143,025
|
|
Held-to-maturity, at
amortized cost
|
1,447,883
|
|
|
1,447,451
|
|
Total Farmer Mac
Guaranteed Securities
|
9,035,069
|
|
|
8,590,476
|
|
USDA
Securities:
|
|
|
|
Trading, at fair
value
|
8,408
|
|
|
8,913
|
|
Held-to-maturity, at
amortized cost
|
2,269,611
|
|
|
2,232,160
|
|
Total USDA
Securities
|
2,278,019
|
|
|
2,241,073
|
|
Loans:
|
|
|
|
Loans held for
investment, at amortized cost
|
5,789,391
|
|
|
5,390,977
|
|
Loans held for
investment in consolidated trusts, at amortized cost
|
1,540,689
|
|
|
1,600,917
|
|
Allowance for
losses
|
(14,856)
|
|
|
(10,454)
|
|
Total loans, net of
allowance
|
7,315,224
|
|
|
6,981,440
|
|
Financial derivatives,
at fair value
|
12,692
|
|
|
10,519
|
|
Interest receivable
(includes $11,944 and $20,568, respectively, related to
consolidated trusts)
|
154,836
|
|
|
199,195
|
|
Guarantee and
commitment fees receivable
|
37,521
|
|
|
38,442
|
|
Deferred tax asset,
net
|
47,842
|
|
|
16,510
|
|
Prepaid expenses and
other assets
|
61,133
|
|
|
22,463
|
|
Total
Assets
|
$
|
23,180,110
|
|
|
$
|
21,709,374
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
Liabilities:
|
|
|
|
Notes
payable
|
20,665,020
|
|
|
19,098,648
|
|
Debt securities of
consolidated trusts held by third parties
|
1,549,527
|
|
|
1,616,504
|
|
Financial derivatives,
at fair value
|
53,795
|
|
|
27,042
|
|
Accrued interest
payable (includes $9,588 and $18,018, respectively, related to
consolidated trusts)
|
104,380
|
|
|
106,959
|
|
Guarantee and
commitment obligation
|
35,939
|
|
|
36,700
|
|
Accounts payable and
accrued expenses
|
74,412
|
|
|
22,081
|
|
Reserve for
losses
|
3,420
|
|
|
2,164
|
|
Total
Liabilities
|
22,486,493
|
|
|
20,910,098
|
|
Commitments and
Contingencies
|
|
|
|
Equity:
|
|
|
|
Preferred
stock:
|
|
|
|
Series A, par value
$25 per share, 2,400,000 shares authorized, issued and
outstanding
|
58,333
|
|
|
58,333
|
|
Series C, par value
$25 per share, 3,000,000 shares authorized, issued and
outstanding
|
73,382
|
|
|
73,382
|
|
Series D, par value
$25 per share, 4,000,000 shares authorized, issued and
outstanding
|
96,659
|
|
|
96,659
|
|
Common
stock:
|
|
|
|
Class A Voting, $1 par
value, no maximum authorization, 1,030,780 shares
outstanding
|
1,031
|
|
|
1,031
|
|
Class B Voting, $1 par
value, no maximum authorization, 500,301 shares
outstanding
|
500
|
|
|
500
|
|
Class C Non-Voting, $1
par value, no maximum authorization, 9,192,047 shares and
9,180,744
shares outstanding, respectively
|
9,192
|
|
|
9,181
|
|
Additional paid-in
capital
|
120,412
|
|
|
119,304
|
|
Accumulated other
comprehensive (loss)/income, net of tax
|
(121,437)
|
|
|
(16,161)
|
|
Retained
earnings
|
455,545
|
|
|
457,047
|
|
Total
Equity
|
693,617
|
|
|
799,276
|
|
Total Liabilities and
Equity
|
$
|
23,180,110
|
|
|
$
|
21,709,374
|
|
FEDERAL
AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited)
|
|
|
|
For the Three Months
Ended
|
|
March 31,
2020
|
|
March 31,
2019
|
|
(in thousands,
except per share amounts)
|
Interest
income:
|
|
|
|
Investments and cash
equivalents
|
$
|
17,741
|
|
|
$
|
18,707
|
|
Farmer Mac Guaranteed
Securities and USDA Securities
|
71,517
|
|
|
85,411
|
|
Loans
|
60,596
|
|
|
51,397
|
|
Total interest
income
|
149,854
|
|
|
155,515
|
|
Total interest
expense
|
108,542
|
|
|
114,916
|
|
Net interest
income
|
41,312
|
|
|
40,599
|
|
(Provision
for)/release of losses
|
(3,438)
|
|
|
264
|
|
Net interest income
after (provision for)/release of losses
|
37,874
|
|
|
40,863
|
|
Non-interest
(expense)/income:
|
|
|
|
Guarantee and
commitment fees
|
3,196
|
|
|
3,513
|
|
Losses on financial
derivatives
|
(9,298)
|
|
|
(360)
|
|
Gains on trading
securities
|
106
|
|
|
44
|
|
Gains on sale of real
estate owned
|
485
|
|
|
—
|
|
(Provision
for)/release of reserve for losses
|
(393)
|
|
|
129
|
|
Other
income
|
816
|
|
|
493
|
|
Non-interest
(expense)/income
|
(5,088)
|
|
|
3,819
|
|
Operating
expenses:
|
|
|
|
Compensation and
employee benefits
|
10,127
|
|
|
7,606
|
|
General and
administrative
|
5,363
|
|
|
4,596
|
|
Regulatory
fees
|
725
|
|
|
688
|
|
Operating
expenses
|
16,215
|
|
|
12,890
|
|
Income before income
taxes
|
16,571
|
|
|
31,792
|
|
Income tax
expense
|
3,741
|
|
|
6,622
|
|
Net income
attributable to Farmer Mac
|
12,830
|
|
|
25,170
|
|
Preferred stock
dividends
|
(3,431)
|
|
|
(3,296)
|
|
Net income
attributable to common stockholders
|
$
|
9,399
|
|
|
$
|
21,874
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
Basic earnings per
common share
|
$
|
0.88
|
|
|
$
|
2.05
|
|
Diluted earnings per
common share
|
$
|
0.87
|
|
|
$
|
2.03
|
|
Reconciliations
Reconciliations of Farmer Mac's net income attributable to
common stockholders to core earnings and core earnings per share
are presented in the following tables along with information about
the composition of core earnings for the periods
indicated:
Reconciliation of Net
Income Attributable to Common Stockholders to Core
Earnings
|
|
For the Three Months
Ended
|
|
March 31,
2020
|
|
December 31,
2019
|
|
March 31,
2019
|
|
(in thousands, except per share amounts)
|
Net income
attributable to common stockholders
|
$
|
9,399
|
|
|
$
|
29,066
|
|
|
$
|
21,874
|
|
Less reconciling
items:
|
|
|
|
|
|
(Losses)/gains on
undesignated financial derivatives due to fair value
changes
|
(6,484)
|
|
|
4,469
|
|
|
2,240
|
|
Losses on hedging
activities due to fair value changes
|
(5,925)
|
|
|
(220)
|
|
|
(2,817)
|
|
Unrealized gains on
trading securities
|
106
|
|
|
172
|
|
|
44
|
|
Amortization of
premiums/discounts and deferred gains on assets
consolidated at fair value
|
3
|
|
|
40
|
|
|
(16)
|
|
Net effects of
terminations or net settlements on financial derivatives
|
(1,300)
|
|
|
1,339
|
|
|
110
|
|
Income tax effect
related to reconciling items
|
2,856
|
|
|
(1,218)
|
|
|
92
|
|
Sub-total
|
(10,744)
|
|
|
4,582
|
|
|
(347)
|
|
Core
earnings
|
$
|
20,143
|
|
|
$
|
24,484
|
|
|
$
|
22,221
|
|
|
|
|
|
|
|
Composition of Core
Earnings:
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Net effective
spread(1)
|
$
|
44,163
|
|
|
$
|
45,991
|
|
|
$
|
38,801
|
|
Guarantee and
commitment fees(2)
|
4,896
|
|
|
5,432
|
|
|
5,419
|
|
Other(3)
|
674
|
|
|
100
|
|
|
509
|
|
Total
revenues
|
49,733
|
|
|
51,523
|
|
|
44,729
|
|
|
|
|
|
|
|
Credit related
expense/(income) (GAAP):
|
|
|
|
|
|
Provision for/(release
of) losses
|
3,831
|
|
|
2,851
|
|
|
(393)
|
|
Gains on sale of
REO
|
(485)
|
|
|
—
|
|
|
—
|
|
Total credit related
expense/(income)
|
3,346
|
|
|
2,851
|
|
|
(393)
|
|
|
|
|
|
|
|
Operating expenses
(GAAP):
|
|
|
|
|
|
Compensation and
employee benefits
|
10,127
|
|
|
6,732
|
|
|
7,606
|
|
General and
administrative
|
5,363
|
|
|
5,773
|
|
|
4,596
|
|
Regulatory
fees
|
725
|
|
|
725
|
|
|
688
|
|
Total operating
expenses
|
16,215
|
|
|
13,230
|
|
|
12,890
|
|
|
|
|
|
|
|
Net
earnings
|
30,172
|
|
|
35,442
|
|
|
32,232
|
|
Income tax
expense(4)
|
6,598
|
|
|
7,526
|
|
|
6,715
|
|
Preferred stock
dividends (GAAP)
|
3,431
|
|
|
3,432
|
|
|
3,296
|
|
Core
earnings
|
$
|
20,143
|
|
|
$
|
24,484
|
|
|
$
|
22,221
|
|
|
|
|
|
|
|
Core earnings per
share:
|
|
|
|
|
|
Basic
|
$
|
1.88
|
|
|
$
|
2.29
|
|
|
$
|
2.08
|
|
Diluted
|
1.87
|
|
|
2.27
|
|
|
2.06
|
|
|
|
(1)
|
Net effective spread
is a non-GAAP measure. See "Use of Non-GAAP Measures" above
for an explanation of net effective spread. See below for a
reconciliation of net interest income to net effective
spread.
|
(2)
|
Includes interest
income and interest expense related to consolidated trusts owned by
third parties reclassified from net interest income to guarantee
and commitment fees to reflect management's view that the net
interest income Farmer Mac earns is effectively a guarantee fee on
the consolidated Farmer Mac Guaranteed Securities.
|
(3)
|
Reflects reconciling
adjustments for the reclassification to exclude expenses related to
interest rate swaps not designated as hedges and terminations or
net settlements on financial derivatives, and reconciling
adjustments to exclude fair value adjustments on financial
derivatives and trading assets and the recognition of deferred
gains over the estimated lives of certain Farmer Mac Guaranteed
Securities and USDA Securities.
|
(4)
|
Includes the tax
impact of non-GAAP reconciling items between net income
attributable to common stockholders and core earnings.
|
Reconciliation of
GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per
Share
|
|
For the Three Months
Ended
|
|
March 31,
2020
|
|
December 31,
2019
|
|
March 31,
2019
|
|
(in thousands,
except per share amounts)
|
GAAP - Basic
EPS
|
$
|
0.88
|
|
|
$
|
2.72
|
|
|
$
|
2.05
|
|
Less reconciling
items:
|
|
|
|
|
|
(Losses)/gains on
undesignated financial derivatives due to fair
value changes
|
(0.61)
|
|
|
0.42
|
|
|
0.21
|
|
Losses on hedging
activities due to fair value changes
|
(0.55)
|
|
|
(0.02)
|
|
|
(0.26)
|
|
Unrealized gains on
trading securities
|
0.01
|
|
|
0.02
|
|
|
—
|
|
Net effects of
terminations or net settlements on financial derivatives
|
(0.12)
|
|
|
0.13
|
|
|
0.01
|
|
Income tax effect
related to reconciling items
|
0.27
|
|
|
(0.12)
|
|
|
0.01
|
|
Sub-total
|
(1.00)
|
|
|
0.43
|
|
|
(0.03)
|
|
Core Earnings - Basic
EPS
|
$
|
1.88
|
|
|
$
|
2.29
|
|
|
$
|
2.08
|
|
|
|
|
|
|
|
Shares used in per
share calculation (GAAP and Core Earnings)
|
10,712
|
|
|
10,711
|
|
|
10,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings
Per Share
|
|
For the Three Months
Ended
|
|
March 31,
2020
|
|
December 31,
2019
|
|
March 31,
2019
|
|
(in thousands,
except per share amounts)
|
GAAP - Diluted
EPS
|
$
|
0.87
|
|
|
$
|
2.70
|
|
|
$
|
2.03
|
|
Less reconciling
items:
|
|
|
|
|
|
(Losses)/gains on
undesignated financial derivatives due to fair
value changes
|
(0.60)
|
|
|
0.42
|
|
|
0.21
|
|
Losses on hedging
activities due to fair value changes
|
(0.55)
|
|
|
(0.02)
|
|
|
(0.26)
|
|
Unrealized gains on
trading securities
|
0.01
|
|
|
0.02
|
|
|
—
|
|
Net effects of
terminations or net settlements on financial derivatives
|
(0.12)
|
|
|
0.12
|
|
|
0.01
|
|
Income tax effect
related to reconciling items
|
0.26
|
|
|
(0.11)
|
|
|
0.01
|
|
Sub-total
|
(1.00)
|
|
|
0.43
|
|
|
(0.03)
|
|
Core Earnings -
Diluted EPS
|
$
|
1.87
|
|
|
$
|
2.27
|
|
|
$
|
2.06
|
|
|
|
|
|
|
|
Shares used in per
share calculation (GAAP and Core Earnings)
|
10,782
|
|
|
10,784
|
|
|
10,777
|
|
The following table presents a reconciliation of net interest
income and net yield to net effective spread for the periods
indicated:
Reconciliation of
GAAP Net Interest Income/Yield to Net Effective Spread
|
|
For the Three Months
Ended
|
|
March 31,
2020
|
|
December 31,
2019
|
|
March 31,
2019
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
(dollars in
thousands)
|
Net interest
income/yield
|
$
|
41,312
|
|
|
0.78
|
%
|
|
$
|
49,370
|
|
|
0.95
|
%
|
|
$
|
40,599
|
|
|
0.86
|
%
|
Net effects of
consolidated trusts
|
(1,700)
|
|
|
0.02
|
%
|
|
(2,031)
|
|
|
0.03
|
%
|
|
(1,905)
|
|
|
0.03
|
%
|
Expense related to
undesignated financial derivatives
|
(1,190)
|
|
|
(0.02)
|
%
|
|
(725)
|
|
|
(0.02)
|
%
|
|
(2,544)
|
|
|
(0.06)
|
%
|
Amortization of
premiums/discounts on assets
consolidated at fair value
|
11
|
|
|
—
|
%
|
|
58
|
|
|
—
|
%
|
|
23
|
|
|
—
|
%
|
Amortization of
losses due to terminations or net
settlements on financial derivatives
|
49
|
|
|
—
|
%
|
|
30
|
|
|
—
|
%
|
|
(71)
|
|
|
—
|
%
|
Fair value changes on
fair value hedge relationships
|
5,681
|
|
|
0.11
|
%
|
|
(711)
|
|
|
(0.01)
|
%
|
|
2,699
|
|
|
0.06
|
%
|
Net effective
spread
|
$
|
44,163
|
|
|
0.89
|
%
|
|
$
|
45,991
|
|
|
0.95
|
%
|
|
$
|
38,801
|
|
|
0.89
|
%
|
The following table presents core earnings for Farmer Mac's
reportable operating segments and a reconciliation to consolidated
net income for the three months ended March 31, 2020:
Core Earnings by
Business Segment
|
For the Three Months
Ended March 31, 2020
|
|
Farm &
Ranch
|
|
USDA
Guarantees
|
|
Rural
Utilities
|
|
Institutional
Credit
|
|
Corporate
|
|
Reconciling
Adjustments
|
|
Consolidated
Net Income
|
|
(in
thousands)
|
Net interest
income
|
$
|
16,365
|
|
|
$
|
4,541
|
|
|
$
|
4,747
|
|
|
$
|
13,804
|
|
|
$
|
1,855
|
|
|
$
|
—
|
|
|
$
|
41,312
|
|
Less: reconciling
adjustments(1)(2)(3)
|
(1,427)
|
|
|
84
|
|
|
173
|
|
|
3,898
|
|
|
123
|
|
|
(2,851)
|
|
|
—
|
|
Net effective
spread
|
14,938
|
|
|
4,625
|
|
|
4,920
|
|
|
17,702
|
|
|
1,978
|
|
|
(2,851)
|
|
|
|
Guarantee and
commitment fees(2)
|
4,317
|
|
|
235
|
|
|
335
|
|
|
9
|
|
|
—
|
|
|
(1,700)
|
|
|
3,196
|
|
Other
income/(expense)(3)
|
1,169
|
|
|
112
|
|
|
7
|
|
|
—
|
|
|
(129)
|
|
|
(9,050)
|
|
|
(7,891)
|
|
Non-interest
income/(loss)
|
5,486
|
|
|
347
|
|
|
342
|
|
|
9
|
|
|
(129)
|
|
|
(10,750)
|
|
|
(4,695)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
(808)
|
|
|
—
|
|
|
(2,125)
|
|
|
(491)
|
|
|
(14)
|
|
|
—
|
|
|
(3,438)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for reserve
for losses
|
(4)
|
|
|
—
|
|
|
(389)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(393)
|
|
Other non-interest
expense
|
(5,997)
|
|
|
(1,818)
|
|
|
(1,604)
|
|
|
(2,363)
|
|
|
(4,433)
|
|
|
—
|
|
|
(16,215)
|
|
Non-interest
expense(4)
|
(6,001)
|
|
|
(1,818)
|
|
|
(1,993)
|
|
|
(2,363)
|
|
|
(4,433)
|
|
|
—
|
|
|
(16,608)
|
|
Core earnings before
income taxes
|
13,615
|
|
|
3,154
|
|
|
1,144
|
|
|
14,857
|
|
|
(2,598)
|
|
|
(13,601)
|
|
(5)
|
16,571
|
|
Income tax
(expense)/benefit
|
(2,859)
|
|
|
(662)
|
|
|
(240)
|
|
|
(3,120)
|
|
|
283
|
|
|
2,857
|
|
|
(3,741)
|
|
Core earnings before
preferred
stock dividends
|
10,756
|
|
|
2,492
|
|
|
904
|
|
|
11,737
|
|
|
(2,315)
|
|
|
(10,744)
|
|
(5)
|
12,830
|
|
Preferred stock
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,431)
|
|
|
—
|
|
|
(3,431)
|
|
Segment core
earnings/(losses)
|
$
|
10,756
|
|
|
$
|
2,492
|
|
|
$
|
904
|
|
|
$
|
11,737
|
|
|
$
|
(5,746)
|
|
|
$
|
(10,744)
|
|
(5)
|
$
|
9,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at
carrying value
|
$
|
5,457,134
|
|
|
$
|
2,341,698
|
|
|
$
|
1,964,901
|
|
|
$
|
9,049,154
|
|
|
$
|
4,367,223
|
|
|
$
|
—
|
|
|
$
|
23,180,110
|
|
Total on- and
off-balance sheet
program assets at principal balance
|
$
|
7,811,594
|
|
|
$
|
2,646,206
|
|
|
$
|
2,385,411
|
|
|
$
|
8,696,101
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,539,312
|
|
|
|
(1)
|
Excludes the
amortization of premiums and discounts on assets consolidated at
fair value, originally included in interest income, to reflect core
earnings amounts.
|
(2)
|
Includes the
reclassification of interest income and interest expense from
consolidated trusts owned by third parties to guarantee and
commitment fees, to reflect management's view that the net interest
income Farmer Mac earns is effectively a guarantee
fee.
|
(3)
|
Includes the
reclassification of interest expense related to interest rate swaps
not designated as hedges, which are included in "Losses on
financial derivatives" on the consolidated financial statements, to
determine the effective funding cost for each operating
segment.
|
(4)
|
Includes directly
attributable costs and an allocation of indirectly attributable
costs based on employee headcount.
|
(5)
|
Net adjustments
to reconcile to the corresponding income measures: core earnings
before income taxes reconciled to income before income taxes; core
earnings before preferred stock dividends reconciled to net income;
and segment core earnings reconciled to net income attributable to
common stockholders.
|
Supplemental Information
The following table sets forth information about outstanding
volume in each of Farmer Mac's four lines of business as of the
dates indicated:
Lines of Business -
Outstanding Business Volume
|
|
As of March 31,
2020
|
|
As of December 31,
2019
|
|
(in thousands)
|
Farm &
Ranch:
|
|
|
|
Loans
|
$
|
3,817,693
|
|
|
$
|
3,675,640
|
|
Loans held in
trusts:
|
|
|
|
Beneficial interests
owned by third party investors
|
1,540,689
|
|
|
1,600,917
|
|
LTSPCs
|
2,355,910
|
|
|
2,393,071
|
|
Guaranteed
Securities
|
97,302
|
|
|
107,322
|
|
USDA
Guarantees:
|
|
|
|
USDA
Securities
|
2,241,863
|
|
|
2,199,072
|
|
Farmer Mac Guaranteed
USDA Securities
|
404,343
|
|
|
421,103
|
|
Rural
Utilities:
|
|
|
|
Loans
|
1,789,726
|
|
|
1,671,293
|
|
LTSPCs(1)
|
595,685
|
|
|
609,278
|
|
Institutional
Credit
|
|
|
|
AgVantage
Securities
|
8,696,101
|
|
|
8,440,246
|
|
Total
|
$
|
21,539,312
|
|
|
$
|
21,117,942
|
|
|
|
(1)
|
As of both
March 31, 2020 and December 31, 2019, includes $20.0 million
related to one-year loan purchase commitments on which Farmer Mac
receives a nominal unused commitment fee.
|
The following table presents the quarterly net effective spread
by segment:
|
Net Effective Spread
by Line of Business
|
|
|
|
Farm &
Ranch
|
|
USDA
Guarantees
|
|
Rural
Utilities
|
|
Institutional
Credit
|
|
Corporate
|
|
Net Effective
Spread
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
Dollars
|
|
Yield
|
|
(dollars in
thousands)
|
For the quarter
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020(1)
|
$
|
14,938
|
|
|
1.64
|
%
|
|
$
|
4,625
|
|
|
0.81
|
%
|
|
$
|
4,920
|
|
|
1.14
|
%
|
|
$
|
17,702
|
|
|
0.84
|
%
|
|
$
|
1,978
|
|
|
0.21
|
%
|
|
$
|
44,163
|
|
|
0.89
|
%
|
December 31,
2019
|
16,374
|
|
|
1.90
|
%
|
|
4,363
|
|
|
0.78
|
%
|
|
4,871
|
|
|
1.17
|
%
|
|
18,008
|
|
|
0.85
|
%
|
|
2,375
|
|
|
0.27
|
%
|
|
45,991
|
|
|
0.95
|
%
|
September 30,
2019
|
13,181
|
|
|
1.66
|
%
|
|
4,314
|
|
|
0.79
|
%
|
|
4,502
|
|
|
1.16
|
%
|
|
17,807
|
|
|
0.84
|
%
|
|
2,657
|
|
|
0.30
|
%
|
|
42,461
|
|
|
0.90
|
%
|
June 30,
2019
|
13,335
|
|
|
1.72
|
%
|
|
4,097
|
|
|
0.76
|
%
|
|
3,996
|
|
|
1.10
|
%
|
|
17,371
|
|
|
0.82
|
%
|
|
2,556
|
|
|
0.34
|
%
|
|
41,355
|
|
|
0.91
|
%
|
March 31,
2019
|
12,737
|
|
|
1.70
|
%
|
|
3,964
|
|
|
0.74
|
%
|
|
3,233
|
|
|
1.12
|
%
|
|
16,373
|
|
|
0.79
|
%
|
|
2,494
|
|
|
0.35
|
%
|
|
38,801
|
|
|
0.89
|
%
|
December 31,
2018
|
13,288
|
|
|
1.79
|
%
|
|
4,630
|
|
|
0.85
|
%
|
|
2,833
|
|
|
1.19
|
%
|
|
15,751
|
|
|
0.80
|
%
|
|
2,353
|
|
|
0.36
|
%
|
|
38,855
|
|
|
0.93
|
%
|
September 30,
2018
|
13,887
|
|
|
1.91
|
%
|
|
4,627
|
|
|
0.86
|
%
|
|
2,877
|
|
|
1.18
|
%
|
|
15,642
|
|
|
0.78
|
%
|
|
2,044
|
|
|
0.30
|
%
|
|
39,077
|
|
|
0.93
|
%
|
June 30,
2018
|
13,347
|
|
|
1.86
|
%
|
|
4,398
|
|
|
0.83
|
%
|
|
2,923
|
|
|
1.15
|
%
|
|
15,220
|
|
|
0.76
|
%
|
|
274
|
|
|
0.04
|
%
|
|
36,162
|
|
|
0.86
|
%
|
March 31,
2018
|
12,540
|
|
|
1.80
|
%
|
|
4,400
|
|
|
0.82
|
%
|
|
2,950
|
|
|
1.12
|
%
|
|
14,824
|
|
|
0.78
|
%
|
|
2,387
|
|
|
0.36
|
%
|
|
37,101
|
|
|
0.91
|
%
|
|
|
(1)
|
See above for a
reconciliation of GAAP net interest income by line of business to
net effective spread by line of business for the three months ended
March 31, 2020.
|
The following table presents quarterly core earnings reconciled
to net income attributable to common stockholders:
Core Earnings by
Quarter Ended
|
|
March 2020
|
|
December
2019
|
|
September
2019
|
|
June 2019
|
|
March 2019
|
|
December
2018
|
|
September
2018
|
|
June 2018
|
|
March 2018
|
|
(in
thousands)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net effective
spread
|
$
|
44,163
|
|
|
$
|
45,991
|
|
|
$
|
42,461
|
|
|
$
|
41,355
|
|
|
$
|
38,801
|
|
|
$
|
38,855
|
|
|
$
|
39,077
|
|
|
$
|
36,162
|
|
|
$
|
37,101
|
|
Guarantee and
commitment fees
|
4,896
|
|
|
5,432
|
|
|
5,208
|
|
|
5,276
|
|
|
5,419
|
|
|
5,309
|
|
|
5,170
|
|
|
5,171
|
|
|
5,083
|
|
Other
|
674
|
|
|
100
|
|
|
389
|
|
|
777
|
|
|
509
|
|
|
(129)
|
|
|
110
|
|
|
111
|
|
|
428
|
|
Total
revenues
|
49,733
|
|
|
51,523
|
|
|
48,058
|
|
|
47,408
|
|
|
44,729
|
|
|
44,035
|
|
|
44,357
|
|
|
41,444
|
|
|
42,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit related
expense/(income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for/(release
of) losses
|
3,831
|
|
|
2,851
|
|
|
623
|
|
|
420
|
|
|
(393)
|
|
|
166
|
|
|
(3)
|
|
|
582
|
|
|
(410)
|
|
REO operating
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
(Gains)/losses on sale
of REO
|
(485)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
(34)
|
|
|
—
|
|
Total credit related
expense/(income)
|
3,346
|
|
|
2,851
|
|
|
623
|
|
|
484
|
|
|
(393)
|
|
|
166
|
|
|
38
|
|
|
548
|
|
|
(394)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
10,127
|
|
|
6,732
|
|
|
7,654
|
|
|
6,770
|
|
|
7,606
|
|
|
7,167
|
|
|
6,777
|
|
|
6,936
|
|
|
6,654
|
|
General and
administrative
|
5,363
|
|
|
5,773
|
|
|
5,253
|
|
|
4,689
|
|
|
4,596
|
|
|
5,829
|
|
|
4,350
|
|
|
5,202
|
|
|
4,326
|
|
Regulatory
fees
|
725
|
|
|
725
|
|
|
688
|
|
|
687
|
|
|
688
|
|
|
687
|
|
|
625
|
|
|
625
|
|
|
625
|
|
Total operating
expenses
|
16,215
|
|
|
13,230
|
|
|
13,595
|
|
|
12,146
|
|
|
12,890
|
|
|
13,683
|
|
|
11,752
|
|
|
12,763
|
|
|
11,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
30,172
|
|
|
35,442
|
|
|
33,840
|
|
|
34,778
|
|
|
32,232
|
|
|
30,186
|
|
|
32,567
|
|
|
28,133
|
|
|
31,401
|
|
Income tax
expense
|
6,598
|
|
|
7,526
|
|
|
7,018
|
|
|
7,351
|
|
|
6,715
|
|
|
6,431
|
|
|
6,891
|
|
|
5,477
|
|
|
6,259
|
|
Preferred stock
dividends
|
3,431
|
|
|
3,432
|
|
|
3,427
|
|
|
3,785
|
|
|
3,296
|
|
|
3,296
|
|
|
3,295
|
|
|
3,296
|
|
|
3,295
|
|
Core
earnings
|
$
|
20,143
|
|
|
$
|
24,484
|
|
|
$
|
23,395
|
|
|
$
|
23,642
|
|
|
$
|
22,221
|
|
|
$
|
20,459
|
|
|
$
|
22,381
|
|
|
$
|
19,360
|
|
|
$
|
21,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains/(losses) on
undesignated
financial derivatives due to fair value changes
|
(6,484)
|
|
|
4,469
|
|
|
(7,117)
|
|
|
10,485
|
|
|
2,240
|
|
|
(96)
|
|
|
3,625
|
|
|
6,709
|
|
|
(2,279)
|
|
(Losses)/gains on
hedging activities due to fair
value changes
|
(5,925)
|
|
|
(220)
|
|
|
(4,535)
|
|
|
(1,438)
|
|
|
(2,817)
|
|
|
(853)
|
|
|
1,051
|
|
|
1,687
|
|
|
2,564
|
|
Unrealized
gains/(losses) on
trading assets
|
106
|
|
|
172
|
|
|
49
|
|
|
61
|
|
|
44
|
|
|
57
|
|
|
(3)
|
|
|
11
|
|
|
16
|
|
Amortization of
premiums/discounts and deferred
gains on assets consolidated at fair value
|
3
|
|
|
40
|
|
|
(7)
|
|
|
(139)
|
|
|
(16)
|
|
|
67
|
|
|
(38)
|
|
|
196
|
|
|
(686)
|
|
Net effects of
terminations or net
settlements on financial derivatives
|
(1,300)
|
|
|
1,339
|
|
|
232
|
|
|
(592)
|
|
|
110
|
|
|
(312)
|
|
|
546
|
|
|
232
|
|
|
1,242
|
|
Issuance costs on the
retirement of
preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,956)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Income tax effect
related to
reconciling items
|
2,856
|
|
|
(1,218)
|
|
|
2,389
|
|
|
(1,759)
|
|
|
92
|
|
|
238
|
|
|
(1,088)
|
|
|
(1,855)
|
|
|
(180)
|
|
Net income
attributable to
common stockholders
|
$
|
9,399
|
|
|
$
|
29,066
|
|
|
$
|
14,406
|
|
|
$
|
28,304
|
|
|
$
|
21,874
|
|
|
$
|
19,560
|
|
|
$
|
26,474
|
|
|
$
|
26,340
|
|
|
$
|
22,524
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/farmer-mac-reports-first-quarter-2020-results-301056863.html
SOURCE Farmer Mac