Farmer Mac (AGM) Tops Q2 EPS by 16c

Farmer Mac (NYSE: AGM) reported Q2 EPS of $2.45, $0.16 better than the analyst estimate of $2.29. Revenue for the quarter came in at $0 versus the consensus estimate of $49.17 million.

• Provided $1.7 billion in liquidity and lending capacity in second quarter 2020, resulting in net outstanding business volume growth of $502.8 million;
• Net income attributable to common stockholders was $31.7 million, or $2.94 per diluted common share;
• Core earnings, a non-GAAP measure was $26.3 million, or $2.45 per diluted common share;
• Net interest income grew $5.3 million year-over-year to $48.3 million;
• Net effective spread, a non-GAAP measure, increased 12% from the prior-year period to $46.5 million;
• 90-day delinquencies were 0.31% of total outstanding business volume as of June 30, 2020;
• Continued strong liquidity position, as evidenced by quarter-end cash position of $0.8 billion;
• Issued $79.5 million of Tier 1 capital through the public offering of 5.750% Series E non-cumulative preferred stock; and
• Executed COVID-19 payment deferments for $241.7 million of unpaid principal balance related to Farm & Ranch loans, Farm & Ranch LTSPCs, and USDA Securities to provide relief to borrowers.

"We are very pleased with our second quarter performance, generating strong earnings and asset growth across multiple lines of business, despite operating in these challenging times," said President and Chief Executive Officer Brad Nordholm. "Our outstanding business volume growth to $22.0 billion this quarter is a testament to our strategic initiatives and reflects our continued focus on fulfilling our mission by building on our customer relationships and product suite. We grew responsibly while also maintaining a robust liquidity position and consistent credit standards. I am proud of our entire team\'s tireless efforts in supporting agricultural and rural communities nationwide."

For earnings history and earnings-related data on Farmer Mac (AGM) click here.

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