The Federal Agriculture Mortgage Corp., also known as Farmer Mac, posted a $2.5 million profit in the second quarter of this year, despite reporting a 91% drop in its second-quarter 2010 earnings that were attributed to losses from financial derivatives.
Farmer Mac's 90-day delinquencies were $56.0 million, or 1.3% of its portfolio, as of June 30. This figure is down from $70.4 million (1.64%) as of March 31, but up from $42.3 million (0.95%) as of the end of the second quarter of 2009.
‘With the capital raise behind us and core earnings growing again, Farmer Mac is fully focused on growing our $10.8 billion portfolio of outstanding loans, guarantees and commitments and continuing to serve rural America,’ says Michael Gerber, Farmer Mac president and CEO.
SOURCE: Farmer Mac