Core Earnings Reach 307 Million Diluted Earnings Per Share At 283

Farmer Mac Announces Strong Second Quarter 2024 Financial Results

Core earnings reach $307 million, diluted earnings per share at $2.83

Conference call scheduled for August 5, 2024

WASHINGTON, D.C. – July 22, 2024 – Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM) today announced its financial results for the second quarter ended June 30, 2024.

For the second quarter of 2024, Farmer Mac reported core earnings of $307 million, or $2.83 per diluted common share, compared to core earnings of $272 million, or $2.48 per diluted common share, for the second quarter of 2023. The increase in core earnings was primarily due to higher net interest income, driven by growth in the company's loan portfolio and wider net interest margins.

"We are pleased to report another strong quarter for Farmer Mac," said Brad M. Nordholm, Farmer Mac's President and CEO. "Our core earnings growth was driven by the continued expansion of our loan portfolio and our ability to generate wider net interest margins. We remain focused on our mission of supporting the agricultural and rural communities we serve, and we believe that our strong financial performance will enable us to continue to do so."

Farmer Mac will host a conference call to discuss its second quarter 2024 financial results on Monday, August 5, 2024, at 11:00 AM ET. The call will be webcast live on the company's website at www.farmermac.com.