Farmer Mac is a vital part of the agricultural credit markets and was created to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities. As the nation's secondary market for agricultural credit, Farmer Mac provides financial solutions to a broad spectrum of the agricultural community, including agricultural lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer Mac's customers benefit from its low cost of funds, low overhead costs, and high operational efficiency.

Company profile
Ticker
AGM, AGM.A
Exchange
Website
CEO
Bradford Nordholm
Employees
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
IRS number
521578738
AGM stock data
Press releases
Farmer Mac Closes $301.1 Million Securitization of Agricultural Mortgage-Backed Securities (AMBS)
11 Aug 22
Farmer Mac Declares Quarterly Dividends on Common and Preferred Stock
10 Aug 22
Farmer Mac Reports Second Quarter 2022 Results
8 Aug 22
Farmer Mac to Announce Second Quarter 2022 Financial Results
25 Jul 22
Farmer Mac Announces the Honorable Chester J. Culver as New Presidentially Appointed Director
20 May 22
Calendar
8 Aug 22
16 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
30 Jun 22 | Chester J Culver | Class C Non-Voting Common Stock | Grant | Acquire A | No | No | 97.65 | 20 | 1.95K | 2,946 |
30 Jun 22 | Mitchell A Johnson | Class C Non-Voting Common Stock | Grant | Acquire A | No | No | 97.65 | 152 | 14.84K | 13,244 |
30 Jun 22 | Lowell Junkins | Class C Non-Voting Common Stock | Grant | Acquire A | No | No | 97.65 | 12 | 1.17K | 9,099.232 |
30 Jun 22 | James R Engebretsen | Class C Non-Voting Common Stock | Grant | Acquire A | No | No | 97.65 | 186 | 18.16K | 13,269 |
30 Jun 22 | Amy H Gales | Class C Non-Voting Common Stock | Grant | Acquire A | No | No | 97.65 | 87 | 8.5K | 2,748 |
Institutional ownership, Q1 2022
1.8% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 164 |
Opened positions | 17 |
Closed positions | 25 |
Increased positions | 62 |
Reduced positions | 57 |
13F shares | Current |
---|---|
Total value | 764.4M |
Total shares | 7.04M |
Total puts | 35.7K |
Total calls | 41.3K |
Total put/call ratio | 0.9 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 1.5M | $162.74M |
Vanguard | 488.75K | $53.02M |
Dimensional Fund Advisors | 434.44K | $47.13M |
Boston Partners | 338.68K | $36.68M |
Copeland Capital Management | 301.89K | $32.75M |
Wellington Management | 268.96K | $29.18M |
PFG Principal Financial Group Inc - Registered Shares | 268.52K | $29.13M |
FMR | 248.19K | $26.93M |
LSV Asset Management | 227.13K | $24.64M |
Rice Hall James & Associates | 219.35K | $23.8M |
Financial report summary
?Competition
AGMRisks
- The continuing effects of the COVID-19 pandemic are uncertain and may heighten the risk factors described in this report or could otherwise have a material adverse effect on Farmer Mac's business, operations, operating results, financial condition, liquidity, or capital levels.
- Factors outside of Farmer Mac's or borrowers' control may impair borrowers' profitability and ability to repay their loans in Farmer Mac's portfolio, which could have a material adverse effect on Farmer Mac's financial condition, results of operations, liquidity, or capital levels.
- Concentrations in Farmer Mac's loan or investments portfolios, or to one or more borrowers or counterparties, may increase Farmer Mac's exposure to credit risk, which could materially and adversely affect its business, operating results, and financial condition.
- Farmer Mac Guaranteed Securities and LTSPCs expose Farmer Mac to significant contingent liabilities, and Farmer Mac's ability to fulfill its obligations under its guarantees and LTSPCs may be limited.
- Farmer Mac is exposed to counterparty risk on both its cleared and non-cleared swaps transactions that could materially and adversely affect its business, operating results, and financial condition.
- Farmer Mac's business, operating results, financial condition, and capital levels may be materially and adversely affected by external factors that may affect the demand for Farmer Mac's secondary market, the price or marketability of Farmer Mac's products, or Farmer Mac's ability to offer its products and services.
- An inability to access the equity and debt capital markets could have a material adverse effect on Farmer Mac's business, operating results, financial condition, liquidity, and capital levels.
- The loss of business from key business counterparties or customers, including AgVantage counterparties, could weaken Farmer Mac's business and decrease its revenues and profits.
- Farmer Mac's efforts to balance fulfilling its mission with providing a return to its stockholders may result in business transactions that involve lower returns or higher risk, which could adversely affect its business, operating results, or financial condition.
- The inadequacy or failure of Farmer Mac's operational systems, cybersecurity program, internal controls or processes, or infrastructure, or those of third parties, could have a material adverse effect on Farmer Mac's business, operating results, or financial condition.
- Farmer Mac’s business depends, in part, on effective and reliable loan servicing, and Farmer Mac’s internal loan servicing function and reliance on third-party servicers could expose Farmer Mac to operational risks that could adversely affect its business, operating results, or financial condition.
- Any deficiency, failure, interruption, or breach in Farmer Mac's or our service providers' technology and information systems, infrastructure, or cybersecurity program, including the occurrence of successful cyber-attacks, could result in a loss of business, damage to Farmer Mac's reputation, the disclosure or misuse of confidential or proprietary information, or increased costs or liability to Farmer Mac, which could adversely affect Farmer Mac's business, operating results, or financial condition.
- Failure by Farmer Mac's third-party loan servicers, information systems providers, and other service providers to protect confidential information from unauthorized access and dissemination could result in liability for Farmer Mac or damage Farmer Mac's reputation, which could have a negative effect on Farmer Mac's business, operating results, or financial condition.
- If Farmer Mac's management of risk associated with its loan assets and investment securities based on model assumptions and output is not effective, its business, operating results, financial condition, or capital levels could be materially adversely affected.
- Farmer Mac's efforts to expand product offerings and services to its customers exposes Farmer Mac to operational risk that could materially and adversely affect its business, operating results, or financial condition.
- Farmer Mac is exposed to interest rate risk that could materially and adversely affect its operating results or financial condition.
- Discontinuation of the LIBOR benchmark interest rate could adversely affect Farmer Mac's business, operating results, or financial condition.
- Incorrect estimates and assumptions by management in preparing financial statements could adversely affect Farmer Mac's business, operating results, reported assets and liabilities, financial condition, reputation, or capital levels.
- Changes in accounting standards or in applying accounting policies could adversely affect Farmer Mac's business, operating results, financial condition, or capital levels.
- Changes in the value or composition of Farmer Mac's investment securities could adversely affect Farmer Mac's business, operating results, financial condition, liquidity or capital levels.
- Farmer Mac and many of its business counterparties are subject to comprehensive government regulation, and changes to applicable laws and regulations could adversely affect Farmer Mac's business, operating results, reputation, or financial condition.
- Farmer Mac's capital requirements may change, and failure to meet those requirements could result in supervisory measures or the inability of Farmer Mac to declare dividends, or otherwise materially and adversely affect Farmer Mac's business, operating results, or financial condition.
- Farmer Mac is a GSE that may be materially and adversely affected by legislative or political developments.
- Farmer Mac's ability to attract and retain motivated and qualified employees is critical to the success of its business, and significant or sustained disruption in the continuity of Farmer Mac's employees or executive leaders may materially adversely affect Farmer Mac's business performance, operations, financial condition, or reputation.
Management Discussion
- (1)Net effective spread is a non-GAAP measure. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for an explanation of net effective spread. See Table 11 for a reconciliation of net interest income to net effective spread.
- (2)Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.
- (3)Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.
Content analysis
?Positive | ||
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Readability |
H.S. sophomore Avg
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New words:
ample, approach, arose, curtailed, delivered, deteriorating, disciplined, downturn, drag, eventually, faster, flattened, healthy, heightened, holdover, hybrid, incremental, inversely, Lake, lengthening, macroeconomic, Presence, reach, recession, ReConnect, resilience, roughly, scale, solid, spurred, telecommunication, temporary, tight, tightening, Ukrainian, war, withstand
Removed:
alter, applied, auction, awarded, challenge, continuation, extraordinary, fact, frequency, incurred, innovate, narrowing, recover, system, winning
Financial reports
Current reports
8-K
Regulation FD Disclosure
11 Aug 22
8-K
Farmer Mac Declares Quarterly Dividends on Common and Preferred Stock
10 Aug 22
8-K
Farmer Mac Reports Second Quarter 2022 Results
8 Aug 22
8-K
Farmer Mac to Announce
25 Jul 22
8-K
Entry into a Material Definitive Agreement
21 Jun 22
8-K/A
Submission of Matters to a Vote of Security Holders
2 Jun 22
8-K
Departure of Directors or Certain Officers
24 May 22
8-K
Farmer Mac Announces the Honorable Chester J. Culver as New Presidentially Appointed Director
20 May 22
8-K
Farmer Mac Declares Quarterly Dividends on Common and Preferred Stock
18 May 22
8-K
Farmer Mac Reports First Quarter 2022 Results
9 May 22
Registration and prospectus
8-A12B
Registration of securities on exchange
27 May 21
25-NSE
Exchange delisting
22 Sep 20
8-A12B/A
Registration of securities on exchange (amended)
20 Aug 20
8-A12B/A
Registration of securities on exchange (amended)
20 May 20
25-NSE
Exchange delisting
12 Jun 19
8-A12B
Registration of securities on exchange
13 May 19
8-A12B
Registration of securities on exchange
19 Jun 14
8-A12B
Registration of securities on exchange
24 Mar 14
8-A12B
Registration of securities on exchange
16 Jan 13
25-NSE
Exchange delisting
30 Jul 08
Other
CERT
Certification of approval for exchange listing
28 May 21
CERT
Certification of approval for exchange listing
21 Aug 20
CERT
Certification of approval for exchange listing
21 May 20
CERT
Certification of approval for exchange listing
14 May 19
CT ORDER
Confidential treatment order
17 Dec 18
CT ORDER
Confidential treatment order
30 Oct 16
UPLOAD
Letter from SEC
22 Feb 16
CORRESP
Correspondence with SEC
21 Feb 16
CORRESP
Correspondence with SEC
25 Jan 16
CORRESP
Correspondence with SEC
22 Dec 15
Ownership
4
FEDERAL AGRICULTURAL MORTGAGE / Eric T McKissack ownership change
5 Jul 22
4
FEDERAL AGRICULTURAL MORTGAGE / Amy H Gales ownership change
5 Jul 22
4
FEDERAL AGRICULTURAL MORTGAGE / James R Engebretsen ownership change
5 Jul 22
4
FEDERAL AGRICULTURAL MORTGAGE / MITCHELL A JOHNSON ownership change
5 Jul 22
4
FEDERAL AGRICULTURAL MORTGAGE / Chester J Culver ownership change
5 Jul 22
4
FEDERAL AGRICULTURAL MORTGAGE / LOWELL JUNKINS ownership change
5 Jul 22
4
FEDERAL AGRICULTURAL MORTGAGE / Chester J Culver ownership change
25 May 22
3
FEDERAL AGRICULTURAL MORTGAGE / Chester J Culver ownership change
24 May 22
4
FEDERAL AGRICULTURAL MORTGAGE / Charles A Stones ownership change
16 May 22
4
FEDERAL AGRICULTURAL MORTGAGE / Everett M Dobrinski ownership change
13 May 22
Transcripts
2022 Q2
Earnings call transcript
12 Aug 22
2022 Q1
Earnings call transcript
10 May 22
2021 Q4
Earnings call transcript
1 Mar 22
2021 Q3
Earnings call transcript
9 Nov 21
2021 Q2
Earnings call transcript
8 Aug 21
2021 Q1
Earnings call transcript
9 May 21
2020 Q4
Earnings call transcript
28 Feb 21
2020 Q3
Earnings call transcript
10 Nov 20
2020 Q2
Earnings call transcript
11 Aug 20
2020 Q1
Earnings call transcript
12 May 20
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