Farmer Mac today reported $901 million in net new business for the second quarter, generating a record outstanding business volume of $17.1 billion, $1.3 billion of which was new business. The strong earnings were largely attributed to credit quality, with delinquencies of 90 days or more falling to 0.38 percent from 0.56 percent in the fourth quarter of 2015.
The company’s core earnings increased to $13 million, up from $12.4 million in the first quarter. Earnings were up $1.4 million year over year. Core capital totaled $572.6 million in the second quarter, 15 percent above capital requirements.