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Mar 31, 2024
Farmer Mac Q1 2024 Earnings Report
Delivered strong earnings driven by well-disciplined asset-liability management, development of new markets, and investments to modernize infrastructure.
Key Takeaways
Farmer Mac reported strong first quarter earnings with a 9% year-over-year increase in net interest income, a 17% year-over-year increase in net income attributable to common stockholders, and core earnings of $43.4 million.
Provided $1.4 billion in liquidity and lending capacity to lenders serving rural America
Net interest income grew 9% year-over-year to $86.4 million
Net effective spread increased 8% from the prior-year period to $83.0 million
Net income attributable to common stockholders grew 17% year-over-year to $47.0 million
Revenue by Geographic Location
Forward Guidance
Management's expectations for Farmer Mac's future necessarily involve assumptions and estimates and the evaluation of risks and uncertainties.
Positive Outlook
- Availability of debt and equity financing
- Level of lender interest in Farmer Mac's products
- General rate of growth in agricultural mortgage and rural infrastructure indebtedness
- Facilitate competitive access to financing
- Fuels growth, innovation, and prosperity in America’s rural and agricultural communities
Challenges Ahead
- Legislative or regulatory developments
- Fluctuations in the fair value of assets
- Economic conditions stemming from disruptive global events
- Exposure to interest rate risk
Historical Earnings Impact
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Avg. Return Before/After Earnings
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