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.