Federal Agricultural Mortgage Corporation (Farmer Mac) announced its financial results for the fiscal quarter ended September 30, 2024. The company reported a net income of $49.8 million, translating to $3.86 per diluted share.
GAAP Net Interest Income for the quarter was $86.791 million, a 1% decrease year-over-year, while Non-GAAP Net Effective Spread increased by 2% year-over-year to $85.396 million. Diluted EPS (GAAP) saw an 18% decrease year-over-year, reaching $3.86, and Core EPS (Non-GAAP) decreased by 1% year-over-year to $4.10.
Despite some year-over-year declines in GAAP metrics, Farmer Mac's outstanding business volume reached $28.5 billion. Management highlighted the benefits of diversifying revenue streams and proactive balance sheet management in navigating market cycles and serving rural America.
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