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.

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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.