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Farmer Mac Reports Robust Q1 Earnings

Phil Hall
May 14, 2018
Federal Agricultural Mortgage Corporation, also known as Farmer Mac, has announced that J. Curt Covington has resigned as executive vice president and chief credit officer, effective today

The Federal Agricultural Mortgage Corporation, also known as Farmer Mac, closed the first quarter of this year with $372.1 million in net new business volume growth that brought total outstanding business volume to $19.4 billion.
 
During first quarter, Farmer Mac added $1.4 billion of new business volume, compared to $1.1 billion in first quarter of 2017. The government-sponsored enterprise also reported its core earnings increased to $22.5 million, up from $16.7 million in the fourth quarter of 2017, which was attributed to a decrease in income tax expense enabled through the tax reform law. Delinquencies of 90 days stood at 0.69 percent, down from 0.71 percent one year earlier.
 
“Our first quarter 2018 results demonstrate the talent and commitment of the exceptional team here at Farmer Mac,” said Lowell Junkins, Farmer Mac’s Chairman, CEO and Acting President. “During the quarter, Farmer Mac maintained good fundamental trends in business volume and strong asset quality, positioning itself for continued success in 2018. The business opportunities in front of Farmer Mac are robust, and we continue to make significant investments in our people, technology, and infrastructure to maintain our leadership position in financing rural America.”

 
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