The Federal Agricultural Mortgage Corp. (AGM) reported a decline in first-quarter profits driven largely by the early refinancing of agricultural securities.

Core earnings for the $13.6 billion-asset company known as Farmer Mac fell to $11 million, compared to $11.3 million during the same period the previous year. Farmer Mac attributes the contraction in part to its refinancing of $414.9 million in AgVantage securities. The company also modified $241.7 million of rural utilities loans into longer-term loans.

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