Farmer Mac today reported $131 million in net new business for the third quarter, generating a record outstanding business volume of $17.2 billion, $1.1 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 $14.4 million, up from $13 million in the second quarter. Earnings were up $1.2 million year over year. Core capital totaled $587.6 million in the third quarter, 24 percent above capital requirements.