Farmer Mac (AGM) Tops Q2 EPS by 16c

Farmer Mac (NYSE: AGM) reported Q2 EPS of $2.77, $0.16 better than the analyst estimate of $2.61.

• Added $1.5 billion of gross business volume, resulting in net growth of $334.6 million;
• Net interest income grew $6.8 million year-over-year to $55.1 million;
• Net effective spread, a non-GAAP measure, increased 22% from the prior-year period to $56.6 million and a high 1.01% of the overall portfolio, primarily due to portfolio growth and a continued shift in portfolio composition to higher spread loan purchase products;
• Net income attributable to common stockholders was $25.4 million, or $2.35 per diluted common share;
• Core earnings, a non-GAAP measure, grew 14% from the prior-year period to $30.0 million, or $2.77 per diluted common share;
• Second quarter 2021 efficiency ratio of 26%;
• Return on Equity improved to 18%, compared to 16% for the first quarter 2021;
• Total allowance for credit losses reflected $1.0 million release driven by improving credit metrics and economic forecasts; and
• Issued $125.0 million of Tier 1 capital through the public offering of 4.875% Series G non-cumulative preferred stock.

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

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