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Federal Agricultural Mortgage Corporation reports developments tied to Farmer Mac’s role as a secondary market provider of liquidity for American agriculture and rural infrastructure. Recurring updates cover financial results, outstanding business volume, net interest income, net effective spread, credit provisions, dividends and capital deployment across agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy markets.
Company news also includes agricultural mortgage-backed securities securitizations, investor presentations, conference-call notices, strategic-priority discussions and executive appointments. These items reflect Farmer Mac’s funding, risk management and capital-relief solutions for financial institutions serving rural and agricultural borrowers.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) will release its financial results for Q4 and the full year ended December 31, 2020, on February 25, 2021, after market closure. A conference call to discuss the results is scheduled for the same day at 5:00 p.m. ET. Farmer Mac plays a crucial role in providing affordable credit to rural America, benefiting agricultural lenders and agribusinesses through low-cost financing. More information can be found on Farmer Mac's website.
On December 23, 2020, Farmer Mac (NYSE: AGM, AGM.A) announced the swearing-in of Charles A. Stones as a new board member, confirmed by the Senate on December 18, 2020. Stones brings over 33 years of experience in agricultural credit policy and has served as president of the Kansas Bankers Association. He replaces Bruce J. Sherrick. Board Chair LaJuana S. Wilcher expressed confidence in Stones' ability to support Farmer Mac's mission of enhancing capital access for rural America. The board consists of five presidentially appointed members and ten elected by stockholders.
The Federal Agricultural Mortgage Corporation (AGM) reported strong financial results for Q3 2020, highlighting a net income of $18.7 million, up 29.5% year-over-year. Core earnings reached $27.7 million, reflecting an 18.4% increase. The company provided $1.3 billion in liquidity and reported a significant growth in its Farm & Ranch business, with a net increase of $231.5 million. Despite challenges posed by COVID-19, AGM maintained a robust liquidity position with $910.6 million in cash. 90-day delinquencies were 0.40%, pointing to stable asset quality.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) announced that it will release its financial results for the fiscal quarter ending September 30, 2020, on November 9, 2020, after market close. A conference call to discuss these results will occur at 5:00 p.m. ET on the same day. Farmer Mac aims to enhance credit availability and affordability for rural America through its role as a secondary market provider in agricultural lending.
Farmer Mac (NYSE: AGM, AGM.A) announced plans to redeem all 2,400,000 shares of its 5.875% Non-Cumulative Preferred Stock, Series A, at a price of $25.00 per share plus any declared dividends. The redemption will take place on September 19, 2020, with payments made on the next business day, September 21, 2020. Holders were notified today, and the redemption process will follow the procedures of The Depository Trust Company. As of the redemption date, dividends on the Series A Preferred Stock will cease to accrue.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) announced plans to issue $120 million of Tier 1 capital through a public offering of 5.250% non-cumulative perpetual Series F preferred stock. The offering is expected to close on August 20, 2020, and proceeds will be used for general corporate purposes and to redeem $60 million of existing Series A preferred stock. The Series F preferred stock will have a fixed dividend rate and no maturity date, with an option for Farmer Mac to redeem it starting on October 17, 2025.
Farmer Mac (NYSE: AGM, AGM.A) reported strong financial performance for Q2 2020, with $1.7 billion in liquidity and a net income of $31.7 million, equating to $2.94 per diluted share. The company achieved a net outstanding business volume growth of $502.8 million, reaching a total of $22.0 billion. Core earnings also rose to $26.3 million ($2.45 per diluted share). Despite the COVID-19 pandemic, 90-day delinquencies decreased to 0.31% of total business volume. The robust liquidity position was highlighted by a $0.8 billion cash reserve and the issuance of $79.5 million in Tier 1 capital.
The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM, AGM.A) will release its financial results for the fiscal quarter ending June 30, 2020, on August 10, 2020, after market close. A conference call is scheduled for 5:00 p.m. ET that day to discuss the results. Farmer Mac plays a crucial role in enhancing credit availability for rural America, providing financial solutions to agricultural lenders and agribusinesses, thus supporting the agricultural credit markets effectively.