Company announces it will reward investors with increased quarterly payout
Farmer Mac (NYSE: AGM and AGM.A), the Federal Agricultural Mortgage Corporation, has reported robust financial results for the fiscal year ending December 31, 2024. The company also announced a 7% increase in its quarterly common stock dividend, marking the 14th consecutive year of dividend growth.
According to the report released on Friday, Farmer Mac achieved a net interest income of $353.9 million, an 8% increase from the previous year. The company’s outstanding business volume reached $29.5 billion.
“We are very pleased with our 2024 results, and believe we are well-positioned to deliver on our multiyear strategy as we head into 2025 with good momentum, strong liquidity and capital levels, a diversified business mix, highly effective risk management practices, and most importantly, a talented team of dedicated professionals," stated Brad Nordholm, president and CEO of Farmer Mac. “We are optimistic about the future and will maintain our singular focus on fulfilling our mission efficiently, innovatively, and profitably.”
Key financial highlights include a net income attributable to common stockholders of $180.4 million, up from $172.8 million in 2023. Core earnings reached $171.6 million, or $15.64 per diluted common share. The company also reported a strong liquidity position with 264 days of liquidity as of December 31, 2024.
The board of directors has raised the quarterly common stock dividend to $1.50 per share. This dividend will be payable on March 31, 2025, to shareholders of record as of March 14, 2025.
In addition to the common stock dividend increase, Farmer Mac declared dividends on its preferred stock series D, E, F, and G. These dividends will be payable on April 17, 2025, to holders of record as of April 1, 2025.
Farmer Mac reported total core capital of $1.5 billion and a Tier 1 Capital Ratio of 14.2% as of December 31, 2024.
The company will hold an earnings conference call on February 21, 2025, to discuss the results in detail. Further information is available in the company’s 2024 Annual Report on Form 10-K, filed with the SEC.
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