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As filed with the Securities and Exchange Commission on August 8, 2022
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____.

Commission File Number 001-14951 

agm-20220630_g1.jpg
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
(Exact name of registrant as specified in its charter)
Federally chartered instrumentality
of the United States
 52-1578738
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. employer identification number)
   
1999 K Street, N.W., 4th Floor,
 
Washington,DC20006
(Address of principal executive offices) (Zip code)
(202)872-7700
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol Exchange on which registered
Class A voting common stockAGM.A New York Stock Exchange
Class C non-voting common stockAGM New York Stock Exchange
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series CAGM.PRCNew York Stock Exchange
5.700% Non-Cumulative Preferred Stock, Series DAGM.PRDNew York Stock Exchange
5.750% Non-Cumulative Preferred Stock, Series EAGM.PRENew York Stock Exchange
5.250% Non-Cumulative Preferred Stock, Series FAGM.PRFNew York Stock Exchange
4.875% Non-Cumulative Preferred Stock, Series GAGM.PRGNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: Class B voting common stock
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes        ☒                              No           ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes                                       No          
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes                                        No           
As of August 1, 2022, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,266,338 shares of Class C non-voting common stock.

1





Table of Contents
Item 1.
Item 1A.
Risk Factors
Item 6.
Signatures


2





PART I

Item 1.Financial Statements
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
As of
 June 30, 2022December 31, 2021
 (in thousands)
Assets:  
Cash and cash equivalents$909,430 $908,785 
Investment securities:  
Available-for-sale, at fair value (amortized cost of $4,354,855 and $3,834,714, respectively)
4,246,012 3,836,391 
Held-to-maturity, at amortized cost45,032 44,970 
Other investments1,537 1,229 
Total Investment Securities4,292,581 3,882,590 
Farmer Mac Guaranteed Securities:  
Available-for-sale, at fair value (amortized cost of $6,679,196 and $6,135,807, respectively)
6,450,212 6,328,559 
Held-to-maturity, at amortized cost1,689,469 2,033,239 
Total Farmer Mac Guaranteed Securities8,139,681 8,361,798 
USDA Securities:  
Trading, at fair value2,275 4,401 
Held-to-maturity, at amortized cost2,430,830 2,436,331 
Total USDA Securities2,433,105 2,440,732 
Loans:  
Loans held for investment, at amortized cost8,911,475 8,314,096 
Loans held for investment in consolidated trusts, at amortized cost834,941 948,623 
Allowance for losses(12,403)(14,041)
Total loans, net of allowance9,734,013 9,248,678 
Financial derivatives, at fair value30,011 19,139 
Interest receivable (includes $7,664 and $10,418, respectively, related to consolidated trusts)
177,956 177,355 
Guarantee and commitment fees receivable44,388 45,538 
Deferred tax asset, net25,971 15,558 
Prepaid expenses and other assets129,267 45,318 
Total Assets$25,916,403 $25,145,491 
Liabilities and Equity:  
Liabilities:  
Notes payable$23,474,095 $22,716,156 
Debt securities of consolidated trusts held by third parties866,107 981,379 
Financial derivatives, at fair value127,983 34,248 
Accrued interest payable (includes $6,753 and $9,619, respectively, related to consolidated trusts)
93,823 83,992 
Guarantee and commitment obligation42,990 43,926 
Accounts payable and accrued expenses97,380 79,427 
Reserve for losses1,677 1,950 
Total Liabilities24,704,055 23,941,078 
Commitments and Contingencies (Note 6)
Equity:  
Preferred stock:  
      Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding
73,382 73,382 
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding
96,659 96,659 
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding
77,003 77,003 
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding
116,160 116,160 
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding
121,327 121,327 
Common stock:  
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding
1,031 1,031 
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding
500 500 
Class C Non-Voting, $1 par value, no maximum authorization, 9,265,842 shares and 9,235,205 shares outstanding, respectively
9,266 9,235 
Additional paid-in capital127,569 125,993 
Accumulated other comprehensive (loss)/income, net of tax(49,484)3,853 
Retained earnings638,935 579,270 
Total Equity1,212,348 1,204,413 
Total Liabilities and Equity$25,916,403 $25,145,491 
The accompanying notes are an integral part of these consolidated financial statements.

3





FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months EndedFor the Six Months Ended
 June 30, 2022June 30, 2021June 30, 2022June 30, 2021
 (in thousands, except per share amounts)
Interest income:
Investments and cash equivalents$11,200 $4,457 $16,916 $9,986 
Farmer Mac Guaranteed Securities and USDA Securities57,104 42,414 96,361 84,818 
Loans76,632 60,214 143,879 119,708 
Total interest income144,936 107,085 257,156 214,512 
Total interest expense75,534 51,956 125,879 106,132 
Net interest income69,402 55,129 131,277 108,380 
Release of/(provision for) losses1,372 761 1,316 (152)
Net interest income after release of/(provision for) losses70,774 55,890 132,593 108,228 
Non-interest income/(expense):
Guarantee and commitment fees3,213 2,997 6,908 6,027 
Gains/(losses) on financial derivatives3,418 (3,066)19,492 1,227 
Gains/(losses) on trading securities29 (62)(34)(75)
Release of reserve for losses163 222 273 1,166 
Other income479 435 1,154 1,018 
Non-interest income7,302 526 27,793 9,363 
Operating expenses:
Compensation and employee benefits11,715 9,779 25,013 21,574 
General and administrative7,520 6,349 14,798 12,685 
Regulatory fees813 750 1,625 1,500 
Operating expenses20,048 16,878 41,436 35,759 
Income before income taxes58,028 39,538 118,950 81,832 
Income tax expense12,132 8,252 25,217 17,319 
Net income45,896 31,286 93,733 64,513 
Preferred stock dividends(6,792)(5,842)(13,583)(11,111)
Net income attributable to common stockholders$39,104 $25,444 $80,150 $53,402 
Earnings per common share:
Basic earnings per common share$3.62 $2.36 $7.43 $4.96 
Diluted earnings per common share$3.60 $2.35 $7.37 $4.93 
The accompanying notes are an integral part of these consolidated financial statements.

4





FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
For the Three Months EndedFor the Six Months Ended
 June 30, 2022June 30, 2021June 30, 2022June 30, 2021
 (in thousands
Net income$45,896 $31,286 $93,733 $64,513 
Other comprehensive (loss)/income:
Net unrealized (losses)/gains on available-for-sale securities (30,179)(37,389)(116,446)28,975 
Net changes in held-to-maturity securities865 (1,653)842 (3,810)
Net unrealized gains/(losses) on cash flow hedges16,884 (5,274)48,088 13,641 
Other comprehensive (loss)/income before tax(12,430)(44,316)(67,516)38,806 
Income tax benefit/(expense) related to other comprehensive (loss)/income2,611 9,305 14,179 (8,150)
Other comprehensive (loss)/income net of tax(9,819)(35,011)(53,337)30,656 
Comprehensive income/(loss)$36,077 $(3,725)$40,396 $95,169 
The accompanying notes are an integral part of these consolidated financial statements.

5





FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
Accumulated
AdditionalOther
Preferred StockCommon StockPaid-InComprehensiveRetainedTotal
SharesAmountSharesAmountCapitalIncome/(Loss)EarningsEquity
(in thousands)
Balance as of December 31, 202119,980 $484,531 10,766 $10,766 $125,993 $3,853 $579,270 $1,204,413 
Net Income— — — — — — 47,837 47,837 
Other comprehensive loss, net of tax— — — — — (43,518)— (43,518)
Cash dividends:
Preferred stock— — — — — — (6,791)(6,791)
Common stock (cash dividend of $0.95 per share)
— — — — — — (10,229)(10,229)
Issuance of Class C Common Stock— — 22 22 46 — —