Farmer Mac Reports Third Quarter EPS of $.74
The Federal Agricultural Mortgage Corporation (NYSE: AGM) today reported third quarter core earnings of $7.9 million ($0.74 per diluted common share), compared to third quarter 2009 core earnings of $1.3 million ($0.12 per diluted common share).
The increase in third quarter core earnings was due in part to significant growth in assets during the quarter as Farmer Mac purchased or guaranteed $1.1 billion of new loans and securities. Third quarter 2010 GAAP net income available to common stockholders for the period was $6.0 million ($0.56 per diluted common share), compared to $17.9 million ($1.74 per diluted common share) for third quarter 2009.
Third quarter 2010 GAAP results included a loss of $1.1 million from an after tax decrease in the value of trading assets, compared to an after tax gain of $16.3 million in third quarter 2009. Farmer Mac excludes such fair value fluctuations from its core earnings.
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