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Californians are entering the fourth year of drought, forcing bankers to seriously consider the long-term implications for farmers and other industries. In some instances, banks are reviewing and changing underwriting practices to address risk.
April 20 -
Farm banks have enjoyed several years of robust loan volume, but declining farm income has them on guard for increases in delinquencies and more eager to use government-guarantee programs.
March 26 -
The Federal Agricultural Mortgage Corp. (AGM) reported a decline in first-quarter profits driven largely by the early refinancing of agricultural securities.
May 12
Farmer Mac reported higher second-quarter profit, citing an increase in the value of financial derivatives and hedged assets.
The $15.1 billion-asset Farmer Mac's
Farmer Mac recorded $470 million of net business volume growth in the quarter, raising its total outstanding business volume to $15.1 billion.
Total revenue rose 3.4% to $33.8 million. Operating expense rose 10.7% to $9.7 million on higher compensation and employee benefits.
Farmer Mac, officially known as Federal Agricultural Mortgage Corp., is a government-sponsored enterprise, established by Congress to create a secondary market for agricultural and rural utility loans.