Federally chartered instrumentality of the United States | ||||||||||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol | Exchange on which registered | ||||||||||||
$ in thousands, except per share amounts | Quarter Ended | ||||||||||||||||
March 31, 2024 | Dec. 31, 2023 | March 31, 2023 | Sequential % Change | YOY % Change | |||||||||||||
Net Change in Business Volume | $376,206 | $819,013 | $562,036 | N/A | N/A | ||||||||||||
Net Interest Income (GAAP) | $86,368 | $82,169 | $79,058 | 5% | 9% | ||||||||||||
Net Effective Spread (Non-GAAP) | $83,044 | $84,551 | $77,173 | (2)% | 8% | ||||||||||||
Diluted EPS (GAAP) | $4.28 | $3.73 | $3.69 | 15% | 16% | ||||||||||||
Core EPS (Non-GAAP) | $3.96 | $4.10 | $3.56 | (3)% | 11% |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 745,105 | $ | 888,707 | |||||||
Investment securities: | |||||||||||
Available-for-sale, at fair value (amortized cost of $5,165,562 and $5,060,135, respectively) | 5,007,787 | 4,918,931 | |||||||||
Held-to-maturity, at amortized cost | 53,756 | 53,756 | |||||||||
Other investments | 6,900 | 6,817 | |||||||||
Total Investment Securities | 5,068,443 | 4,979,504 | |||||||||
Farmer Mac Guaranteed Securities: | |||||||||||
Available-for-sale, at fair value (amortized cost of $5,811,302 and $5,825,433, respectively) | 5,466,688 | 5,532,479 | |||||||||
Held-to-maturity, at amortized cost | 4,454,932 | 4,213,069 | |||||||||
Total Farmer Mac Guaranteed Securities | 9,921,620 | 9,745,548 | |||||||||
USDA Securities: | |||||||||||
Trading, at fair value | 1,066 | 1,241 | |||||||||
Held-to-maturity, at amortized cost | 2,333,027 | 2,354,171 | |||||||||
Total USDA Securities | 2,334,093 | 2,355,412 | |||||||||
Loans: | |||||||||||
Loans held for investment, at amortized cost | 9,837,962 | 9,623,119 | |||||||||
Loans held for investment in consolidated trusts, at amortized cost | 1,409,397 | 1,432,261 | |||||||||
Allowance for losses | (14,288) | (16,031) | |||||||||
Total loans, net of allowance | 11,233,071 | 11,039,349 | |||||||||
Financial derivatives, at fair value | 31,433 | 37,478 | |||||||||
Accrued interest receivable (includes $9,963 and $16,764, respectively, related to consolidated trusts) | 245,202 | 287,128 | |||||||||
Guarantee and commitment fees receivable | 48,130 | 49,832 | |||||||||
Deferred tax asset, net | — | 8,470 | |||||||||
Prepaid expenses and other assets | 145,094 | 132,954 | |||||||||
Total Assets | $ | 29,772,191 | $ | 29,524,382 | |||||||
Liabilities and Equity: | |||||||||||
Liabilities: | |||||||||||
Notes payable | $ | 26,509,011 | $ | 26,336,542 | |||||||
Debt securities of consolidated trusts held by third parties | 1,325,289 | 1,351,069 | |||||||||
Financial derivatives, at fair value | 128,530 | 117,131 | |||||||||
Accrued interest payable (includes $6,338 and $9,407, respectively, related to consolidated trusts) | 202,894 | 181,841 | |||||||||
Guarantee and commitment obligation | 45,866 | 47,563 | |||||||||
Accounts payable and accrued expenses | 74,821 | 76,662 | |||||||||
Deferred tax liability, net | 3,795 | — | |||||||||
Reserve for losses | 1,642 | 1,711 | |||||||||
Total Liabilities | 28,291,848 | 28,112,519 | |||||||||
Commitments and Contingencies | |||||||||||
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, 9,337,894 shares and 9,310,872 shares outstanding, respectively | 9,338 | 9,311 | |||||||||
Additional paid-in capital | 133,576 | 132,919 | |||||||||
Accumulated other comprehensive loss, net of tax | (4,118) | (40,145) | |||||||||
Retained earnings | 855,485 | 823,716 | |||||||||
Total Equity | 1,480,343 | 1,411,863 | |||||||||
Total Liabilities and Equity | $ | 29,772,191 | $ | 29,524,382 |
For the Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
(in thousands, except per share amounts) | |||||||||||
Interest income: | |||||||||||
Investments and cash equivalents | $ | 84,924 | $ | 59,703 | |||||||
Farmer Mac Guaranteed Securities and USDA Securities | 166,813 | 136,537 | |||||||||
Loans | 144,580 | 119,032 | |||||||||
Total interest income | 396,317 | 315,272 | |||||||||
Total interest expense | 309,949 | 236,214 | |||||||||
Net interest income | 86,368 | 79,058 | |||||||||
Release of/(provision for) losses | 1,801 | (547) | |||||||||
Net interest income after release of/(provision for) losses | 88,169 | 78,511 | |||||||||
Non-interest income/(expense): | |||||||||||
Guarantee and commitment fees | 3,917 | 3,933 | |||||||||
Gains on financial derivatives | 2,079 | 399 | |||||||||
Release of/(provision for) reserve for losses | 69 | (203) | |||||||||
Other income | 1,249 | 1,226 | |||||||||
Non-interest income | 7,314 | 5,355 | |||||||||
Operating expenses: | |||||||||||
Compensation and employee benefits | 18,257 | 15,351 | |||||||||
General and administrative | 8,255 | 7,527 | |||||||||
Regulatory fees | 725 | 835 | |||||||||
Operating expenses | 27,237 | 23,713 | |||||||||
Income before income taxes | 68,246 | 60,153 | |||||||||
Income tax expense | 14,500 | 13,118 | |||||||||
Net income | 53,746 | 47,035 | |||||||||
Preferred stock dividends | (6,791) | (6,791) | |||||||||
Net income attributable to common stockholders | $ | 46,955 | $ | 40,244 | |||||||
Earnings per common share: | |||||||||||
Basic earnings per common share | $ | 4.33 | $ | 3.73 | |||||||
Diluted earnings per common share | $ | 4.28 | $ | 3.69 |
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Net income attributable to common stockholders | $ | 46,955 | $ | 40,828 | $ | 40,244 | |||||||||||
Less reconciling items: | |||||||||||||||||
Gains/(losses) on undesignated financial derivatives due to fair value changes | 1,683 | (836) | 916 | ||||||||||||||
Gains/(losses) on hedging activities due to fair value changes | 3,002 | (3,598) | (105) | ||||||||||||||
Unrealized (losses)/gains on trading assets | (14) | (37) | 359 | ||||||||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 31 | 88 | 29 | ||||||||||||||
Net effects of terminations or net settlements on financial derivatives | (192) | (800) | 523 | ||||||||||||||
Income tax effect related to reconciling items | (947) | 1,089 | (362) | ||||||||||||||
Sub-total | 3,563 | (4,094) | 1,360 | ||||||||||||||
Core earnings | $ | 43,392 | $ | 44,922 | $ | 38,884 | |||||||||||
Composition of Core Earnings: | |||||||||||||||||
Revenues: | |||||||||||||||||
Net effective spread(1) | $ | 83,044 | $ | 84,551 | $ | 77,173 | |||||||||||
Guarantee and commitment fees(2) | 4,982 | 4,865 | 4,654 | ||||||||||||||
Other(3) | 1,077 | 767 | 1,067 | ||||||||||||||
Total revenues | 89,103 | 90,183 | 82,894 | ||||||||||||||
Credit related expense (GAAP): | |||||||||||||||||
(Release of)/provision for losses | (1,870) | (575) | 750 | ||||||||||||||
Total credit related expense | (1,870) | (575) | 750 | ||||||||||||||
Operating expenses (GAAP): | |||||||||||||||||
Compensation and employee benefits | 18,257 | 15,523 | 15,351 | ||||||||||||||
General and administrative | 8,255 | 8,916 | 7,527 | ||||||||||||||
Regulatory fees | 725 | 725 | 835 | ||||||||||||||
Total operating expenses | 27,237 | 25,164 | 23,713 | ||||||||||||||
Net earnings | 63,736 | 65,594 | 58,431 | ||||||||||||||
Income tax expense(4) | 13,553 | 13,881 | 12,756 | ||||||||||||||
Preferred stock dividends (GAAP) | 6,791 | 6,791 | 6,791 | ||||||||||||||
Core earnings | $ | 43,392 | $ | 44,922 | $ | 38,884 | |||||||||||
Core earnings per share: | |||||||||||||||||
Basic | $ | 4.00 | $ | 4.14 | $ | 3.60 | |||||||||||
Diluted | $ | 3.96 | $ | 4.10 | $ | 3.56 |
Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
GAAP - Basic EPS | $ | 4.33 | $ | 3.77 | $ | 3.73 | |||||||||||
Less reconciling items: | |||||||||||||||||
Gains/(losses) on undesignated financial derivatives due to fair value changes | 0.16 | (0.08) | 0.09 | ||||||||||||||
Gains/(losses) on hedging activities due to fair value changes | 0.28 | (0.33) | (0.01) | ||||||||||||||
Unrealized (losses)/gains on trading securities | — | — | 0.03 | ||||||||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | — | 0.01 | — | ||||||||||||||
Net effects of terminations or net settlements on financial derivatives | (0.02) | (0.07) | 0.05 | ||||||||||||||
Income tax effect related to reconciling items | (0.09) | 0.10 | (0.03) | ||||||||||||||
Sub-total | 0.33 | (0.37) | 0.13 | ||||||||||||||
Core Earnings - Basic EPS | $ | 4.00 | $ | 4.14 | $ | 3.60 | |||||||||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,847 | 10,841 | 10,802 |
Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
GAAP - Diluted EPS | $ | 4.28 | $ | 3.73 | $ | 3.69 | |||||||||||
Less reconciling items: | |||||||||||||||||
Gains/(losses) on undesignated financial derivatives due to fair value changes | 0.15 | (0.08) | 0.09 | ||||||||||||||
Gains/(losses) on hedging activities due to fair value changes | 0.28 | (0.33) | (0.01) | ||||||||||||||
Unrealized (losses)/gains on trading securities | — | — | 0.03 | ||||||||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | — | 0.01 | — | ||||||||||||||
Net effects of terminations or net settlements on financial derivatives | (0.02) | (0.07) | 0.05 | ||||||||||||||
Income tax effect related to reconciling items | (0.09) | 0.10 | (0.03) | ||||||||||||||
Sub-total | 0.32 | (0.37) | 0.13 | ||||||||||||||
Core Earnings - Diluted EPS | $ | 3.96 | $ | 4.10 | $ | 3.56 | |||||||||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,969 | 10,952 | 10,918 |
Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Net interest income/yield | $ | 86,368 | 1.15 | % | $ | 82,169 | 1.12 | % | $ | 79,058 | 1.14 | % | |||||||||||||||||||||||
Net effects of consolidated trusts | (1,052) | 0.02 | % | (1,048) | 0.02 | % | (1,055) | 0.02 | % | ||||||||||||||||||||||||||
Expense related to undesignated financial derivatives | (34) | — | % | (846) | (0.01) | % | (1,626) | (0.02) | % | ||||||||||||||||||||||||||
Amortization of premiums/discounts on assets consolidated at fair value | (27) | — | % | (104) | — | % | (23) | — | % | ||||||||||||||||||||||||||
Amortization of losses due to terminations or net settlements on financial derivatives | 791 | 0.01 | % | 782 | 0.01 | % | 714 | 0.01 | % | ||||||||||||||||||||||||||
Fair value changes on fair value hedge relationships | (3,002) | (0.04) | % | 3,598 | 0.05 | % | 105 | — | % | ||||||||||||||||||||||||||
Net effective spread | $ | 83,044 | 1.14 | % | $ | 84,551 | 1.19 | % | $ | 77,173 | 1.15 | % |
Core Earnings by Business Segment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural Finance | Rural Infrastructure | Treasury | Corporate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Funding | Investments | Reconciling Adjustments | Consolidated Net Income | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 33,889 | $ | 7,971 | $ | 7,265 | $ | 2,049 | $ | 34,719 | $ | 475 | $ | — | $ | — | $ | 86,368 | |||||||||||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (1,046) | — | (33) | — | (2,245) | — | — | 3,324 | — | ||||||||||||||||||||||||||||||||||||||||||||
Net effective spread | 32,843 | 7,971 | 7,232 | 2,049 | 32,474 | 475 | — | 3,324 | — | ||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 4,484 | 87 | 349 | 62 | — | — | — | (1,065) | 3,917 | ||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense)(3) | 995 | 12 | — | — | — | 4 | 66 | 2,251 | 3,328 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 38,322 | 8,070 | 7,581 | 2,111 | 32,474 | 479 | 66 | 4,510 | 93,613 | ||||||||||||||||||||||||||||||||||||||||||||
(Provision for)/release of losses | (561) | 378 | 3,017 | (1,034) | — | 1 | — | — | 1,801 | ||||||||||||||||||||||||||||||||||||||||||||
Release of reserve for losses | 64 | — | 5 | — | — | — | — | — | 69 | ||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | — | — | — | — | — | — | (27,237) | — | (27,237) | ||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | 64 | — | 5 | — | — | — | (27,237) | — | (27,168) | ||||||||||||||||||||||||||||||||||||||||||||
Core earnings before income taxes | 37,825 | 8,448 | 10,603 | 1,077 | 32,474 | 480 | (27,171) | 4,510 | (4) | 68,246 | |||||||||||||||||||||||||||||||||||||||||||
Income tax (expense)/benefit | (7,943) | (1,774) | (2,227) | (226) | (6,819) | (101) | 5,537 | (947) | (14,500) | ||||||||||||||||||||||||||||||||||||||||||||
Core earnings before preferred stock dividends | 29,882 | 6,674 | 8,376 | 851 | 25,655 | 379 | (21,634) | 3,563 | (4) | 53,746 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | (6,791) | — | (6,791) | ||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings/(losses) | $ | 29,882 | $ | 6,674 | $ | 8,376 | $ | 851 | $ | 25,655 | $ | 379 | $ | (28,425) | $ | 3,563 | (4) | $ | 46,955 | ||||||||||||||||||||||||||||||||||
Total Assets | $ | 15,240,436 | $ | 1,637,460 | $ | 7,003,165 | $ | 578,709 | $ | — | $ | 5,190,082 | $ | 122,339 | $ | — | $ | 29,772,191 | |||||||||||||||||||||||||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 18,900,906 | $ | 1,766,294 | $ | 7,437,723 | $ | 742,307 | $ | — | $ | — | $ | — | $ | — | $ | 28,847,230 |
Outstanding Business Volume | ||||||||||||||||||||
On or Off Balance Sheet | As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Agricultural Finance: | ||||||||||||||||||||
Farm & Ranch: | ||||||||||||||||||||
Loans | On-balance sheet | $ | 5,247,543 | $ | 5,133,450 | |||||||||||||||
Loans held in consolidated trusts: | ||||||||||||||||||||
Beneficial interests owned by third-party investors (single-class)(1) | On-balance sheet | 857,156 | 870,912 | |||||||||||||||||
Beneficial interests owned by third-party investors (structured)(1) | On-balance sheet | 552,241 | 561,349 | |||||||||||||||||
IO-FMGS(2) | On-balance sheet | 9,232 | 9,409 | |||||||||||||||||
USDA Securities | On-balance sheet | 2,354,894 | 2,368,872 | |||||||||||||||||
AgVantage Securities(1) | On-balance sheet | 5,995,000 | 5,835,000 | |||||||||||||||||
LTSPCs and unfunded loan commitments | Off-balance sheet | 2,884,375 | 2,999,943 | |||||||||||||||||
Other Farmer Mac Guaranteed Securities(3) | Off-balance sheet | 443,843 | 452,602 | |||||||||||||||||
Loans serviced for others | Off-balance sheet | 556,622 | 577,264 | |||||||||||||||||
Total Farm & Ranch | $ | 18,900,906 | $ | 18,808,801 | ||||||||||||||||
Corporate AgFinance: | ||||||||||||||||||||
Loans | On-balance sheet | $ | 1,258,506 | $ | 1,259,723 | |||||||||||||||
AgVantage Securities(1) | On-balance sheet | 369,365 | 288,879 | |||||||||||||||||
Unfunded loan commitments | Off-balance sheet | 138,423 | 145,377 | |||||||||||||||||
Total Corporate AgFinance | $ | 1,766,294 | $ | 1,693,979 | ||||||||||||||||
Total Agricultural Finance | $ | 20,667,200 | $ | 20,502,780 | ||||||||||||||||
Rural Infrastructure Finance: | ||||||||||||||||||||
Rural Utilities: | ||||||||||||||||||||
Loans | On-balance sheet | $ | 3,108,495 | $ | 3,094,477 | |||||||||||||||
AgVantage Securities(1) | On-balance sheet | 3,879,293 | 3,898,468 | |||||||||||||||||
LTSPCs and unfunded loan commitments | Off-balance sheet | 449,935 | 487,778 | |||||||||||||||||
Total Rural Utilities | $ | 7,437,723 | $ | 7,480,723 | ||||||||||||||||
Renewable Energy: | ||||||||||||||||||||
Loans | On-balance sheet | $ | 578,258 | $ | 440,286 | |||||||||||||||
Unfunded loan commitments | Off-balance sheet | 164,049 | 47,235 | |||||||||||||||||
Total Renewable Energy | $ | 742,307 | $ | 487,521 | ||||||||||||||||
Total Rural Infrastructure Finance | $ | 8,180,030 | $ | 7,968,244 | ||||||||||||||||
Total | $ | 28,847,230 | $ | 28,471,024 |
Net Effective Spread(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural Finance | Rural Infrastructure Finance | Treasury | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | Corporate AgFinance | Rural Utilities | Renewable Energy | Funding | Investments | Net Effective Spread | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024(2) | $ | 32,843 | 0.95 | % | $ | 7,971 | 2.05 | % | $ | 7,232 | 0.42 | % | $ | 2,049 | 1.75 | % | $ | 32,474 | 0.45 | % | $ | 475 | 0.03 | % | $ | 83,044 | 1.14 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | 33,329 | 0.98 | % | 8,382 | 2.06 | % | 7,342 | 0.43 | % | 1,540 | 1.69 | % | 33,361 | 0.47 | % | 597 | 0.04 | % | 84,551 | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | 32,718 | 0.97 | % | 8,250 | 2.05 | % | 6,362 | 0.39 | % | 1,150 | 1.46 | % | 34,412 | 0.49 | % | 532 | 0.04 | % | 83,424 | 1.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | 34,388 | 1.03 | % | 7,444 | 1.92 | % | 5,808 | 0.38 | % | 1,100 | 1.47 | % | 32,498 | 0.48 | % | 594 | 0.04 | % | 81,832 | 1.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | 32,465 | 0.97 | % | 7,148 | 1.94 | % | 5,507 | 0.36 | % | 858 | 1.53 | % | 31,738 | 0.47 | % | (543) | (0.04) | % | 77,173 | 1.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | 32,770 | 0.98 | % | 7,471 | 1.94 | % | 4,960 | 0.34 | % | 935 | 1.76 | % | 27,656 | 0.42 | % | (2,689) | (0.19) | % | 71,103 | 1.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | 33,343 | 1.04 | % | 7,600 | 1.99 | % | 4,220 | 0.30 | % | 705 | 1.97 | % | 22,564 | 0.36 | % | (2,791) | (0.21) | % | 65,641 | 1.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | 32,590 | 1.05 | % | 6,929 | 1.87 | % | 3,733 | 0.27 | % | 468 | 1.78 | % | 18,508 | 0.30 | % | (1,282) | (0.10) | % | 60,946 | 0.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | 30,354 | 1.02 | % | 7,209 | 1.96 | % | 3,159 | 0.23 | % | 375 | 1.69 | % | 16,738 | 0.28 | % | 4 | — | % | 57,839 | 0.97 | % |
Core Earnings by Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2024 | December 2023 | September 2023 | June 2023 | March 2023 | December 2022 | September 2022 | June 2022 | March 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net effective spread | $ | 83,044 | $ | 84,551 | $ | 83,424 | $ | 81,832 | $ | 77,173 | $ | 71,103 | $ | 65,641 | $ | 60,946 | $ | 57,839 | |||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 4,982 | 4,865 | 4,828 | 4,581 | 4,654 | 4,677 | 4,201 | 4,709 | 4,557 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 1,077 | 767 | 1,056 | 409 | 1,067 | 390 | 473 | 307 | 514 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 89,103 | 90,183 | 89,308 | 86,822 | 82,894 | 76,170 | 70,315 | 65,962 | 62,910 | ||||||||||||||||||||||||||||||||||||||||||||
Credit related expense/(income): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Release of)/provision for losses | (1,870) | (575) | (181) | 1,142 | 750 | 1,945 | 450 | (1,535) | (54) | ||||||||||||||||||||||||||||||||||||||||||||
REO operating expenses | — | — | — | — | — | 819 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total credit related expense/(income) | (1,870) | (575) | (181) | 1,142 | 750 | 2,764 | 450 | (1,535) | (54) | ||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 18,257 | 15,523 | 14,103 | 13,937 | 15,351 | 12,105 | 11,648 | 11,715 | 13,298 | ||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 8,255 | 8,916 | 9,100 | 9,420 | 7,527 | 8,055 | 6,919 | 7,520 | 7,278 | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory fees | 725 | 725 | 831 | 831 | 835 | 832 | 812 | 813 | 812 | ||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 27,237 | 25,164 | 24,034 | 24,188 | 23,713 | 20,992 | 19,379 | 20,048 | 21,388 | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 63,736 | 65,594 | 65,455 | 61,492 | 58,431 | 52,414 | 50,486 | 47,449 | 41,576 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 13,553 | 13,881 | 13,475 | 12,539 | 12,756 | 11,210 | 10,303 | 9,909 | 9,024 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | 6,791 | 6,791 | 6,792 | 6,791 | 6,791 | 6,791 | 6,791 | 6,792 | 6,791 | ||||||||||||||||||||||||||||||||||||||||||||
Core earnings | $ | 43,392 | $ | 44,922 | $ | 45,188 | $ | 42,162 | $ | 38,884 | $ | 34,413 | $ | 33,392 | $ | 30,748 | $ | 25,761 | |||||||||||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(losses) on undesignated financial derivatives due to fair value changes | $ | 1,683 | $ | (836) | $ | 2,921 | $ | 2,141 | $ | 916 | $ | 1,596 | $ | 6,441 | $ | 2,846 | $ | 2,612 | |||||||||||||||||||||||||||||||||||
Gains/(losses) on hedging activities due to fair value changes | 3,002 | (3,598) | 3,210 | (4,901) | (105) | (148) | (624) | 428 | 5,687 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses)/gains on trading assets | (14) | (37) | 1,714 | (57) | 359 | 31 | (757) | (285) | 94 | ||||||||||||||||||||||||||||||||||||||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 31 | 88 | 29 | 29 | 29 | 57 | 24 | (62) | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Net effects of terminations or net settlements on financial derivatives | (192) | (800) | (79) | 583 | 523 | 1,268 | (3,522) | 2,536 | 15,512 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax effect related to reconciling items | (947) | 1,089 | (1,638) | 464 | (362) | (590) | (327) | (1,148) | (5,024) | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 46,955 | $ | 40,828 | $ | 51,345 | $ | 40,421 | $ | 40,244 | $ | 36,627 | $ | 34,627 | $ | 35,063 | $ | 44,662 |
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