Farmer Mac reported $414.3 million in net new business for the second quarter, bringing its outstanding business volume to $18.3 billion, a record high. The strong performance was attributed to increasingly positive conditions over the last several quarters including new business volume growth, improvements in spreads and strong profitability. Delinquencies of 90 days stood at 0.65 percent, up from 0.38 percent a year ago, however.
Farmer Mac’s core earnings increased to $16 million, up from $15.6 million in the first quarter. Earnings were up 22 percent year-over-year. Core capital totaled $638.5 million, 27 percent above capital requirements.