Farmer Mac Reports Earnings for First Quarter

Farmer Mac reported $372.1 million in net new business for the first quarter of 2018, bringing its outstanding business volume to $19.4 billion. The strong performance was attributed in part to new business volume growth, net growth in Farmer Mac’s securities portfolio and improvements in spreads. Delinquencies of 90 days stood at 0.69 percent, down from 0.71 percent a year ago.

Farmer Mac’s core earnings increased to $22.5 million, up from $16.7 million in the first quarter, due in large part to a decrease in income tax expense as a result of the tax reform law. Core capital totaled $673.2 million, 26 percent above capital requirements.