The Federal Agricultural Mortgage Corporation, the nation’s secondary market provider that increases the availability and affordability of credit for the benefit of rural America, recently announced its results for the fiscal quarter ended Sept. 30, 2021.
Third Quarter 2021 and Recent Highlights
- Added $2.5 billion of gross business volume, resulting in net growth of $921.6 million
- Net income of $24.3 million compared to $18.7 million in third quarter 2020
- Core earnings of $27.6 million compared to $27.7 million in the same period last year
- On Aug. 18, 2021, completed a strategic acquisition that expanded the internal loan servicing function and acquired the loan servicing rights for a sizeable portion of Farm & Ranch loan and USDA Guaranteed Securities portfolios
- On Oct. 14, 2021, Farmer Mac closed a $302.7 million securitization of agricultural mortgage-backed securities
“We delivered another quarter of strong earnings and net effective spread, reflecting the consistency of our fundamental business model,” said Farmer Mac President and Chief Executive Officer Brad Nordholm. “In addition, we executed two important transactions recently that are consistent with our multi-year strategic plan. The expansion of our internal loan servicing represents yet another important step as part of our dual strategy of broadening our business opportunities while also deepening relationships with existing customers. The newly structured, syndicated agricultural mortgage-backed securitization transaction, which we expect to build on in the future, exemplifies Farmer Mac’s core mission to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities.”
Source: Farmer Mac
