Farmer Mac Earnings Reach Record High in First Quarter

Farmer Mac today reported $445 million in net new business for the first quarter, generating a record outstanding business volume of $17.8 billion. The strong earnings were largely attributed to credit quality and a growing capital base, although delinquencies of 90 days or more rose to 0.81 percent from 0.34 percent in the fourth quarter of 2016 and 0.61 percent a year ago.

The company’s core earnings increased to $15.6 million, up from $13.9 million in the fourth quarter of 2016. Earnings were up $3.2 million year over year. Core capital totaled $624.3 million in the third quarter, 31 percent above capital requirements.


About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.