DIA415.56-3.66 -0.87%
SPX5,613.74-61.38 -1.08%
IXIC17,534.51-274.16 -1.54%

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2024

Press release·05/06/2024 12:22:26
Listen to the news
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2024

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2024

The financial report filed with the Securities and Exchange Commission on May 6, 2024, provides a quarterly update on the company’s performance for the period ended March 31, 2024. The report highlights key financial developments and events, offering a concise overview of the company’s financial health and progress.

Overview

Farmer Mac is a secondary market provider that increases access to credit for agriculture and rural infrastructure. In Q1 2024, Farmer Mac delivered solid financial results despite economic challenges like high inflation and interest rates.

Key Results

  • Net income was $47 million, up 18% from Q1 2023, driven by higher net interest income and lower provision for credit losses
  • Core earnings were $43 million, up 12% due to higher net interest income
  • Net interest income rose 9% to $86 million due to business growth and higher interest rates
  • Outstanding business volume was $28.8 billion, up 8.9% year-over-year

Business Performance

  • Added $0.4 billion in new business volume across all lines of business
  • Farm & Ranch volume increased due to loan purchases and higher AgVantage Securities issuance
  • Renewable Energy volume rose over 50% year-over-year due to strong demand
  • Credit quality remained strong; delinquencies still below historical average

Financial Position

  • Total assets rose 3% to $29.8 billion due to loan portfolio growth
  • Capital levels well above regulatory minimums
  • Maintained excellent liquidity and funding access

Outlook

The agriculture sector faces some headwinds like lower commodity prices, but the farming outlook remains positive overall. Farmer Mac is positioned to benefit from agriculture lenders’ increased focus on capital efficiency and interest rate volatility. Investments in infrastructure and technology will support future portfolio expansion. While expenses are likely to increase to support growth initiatives, Farmer Mac expects continued solid financial performance.

Risk Disclosure: The content of this page is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial circumstances. All investments involve risk and the past performance of securities, or financial products does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing. For more details, please refer to risk disclosure.
During the campaign period, US stocks, US stocks short selling, US stock options, Hong Kong stocks, and A-shares trading will maintain at $0 commission, and no subscription/redemption fees for mutual fund transactions. $0 fee offer has a time limit, until further notice. For more information, please visit:  https://www.webull.hk/pricing
More than 40M Downloads Globally : data based on Webull Technologies Limited's internal statistics as of July 14, 2023.
Webull Securities Limited is licensed with the Securities and Futures Commission of Hong Kong (CE No. BNG700) for carrying out Type 1 License for Dealing in Securities, Type 2 License for Dealing in Futures Contracts and Type 4 License for Advising on Securities.
Language

English

©2025 Webull Securities Limited. All rights reserved.