Federal Agricultural Mortgage Corporation announced consolidated unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, non-GAAP core earnings was $11.3 million or $1.01 per diluted common share compared to $11.8 million or $1.08 per diluted common share for first quarter 2012. First quarter 2013 core earnings benefited from higher net effective spread in dollars, which grew to $26.3 million in first quarter 2013, up from $25.6 million in first quarter 2012. The increase was offset by an increase in net provisions to the allowance for losses of $1.2 million up from net provisions of $0.5 million in first quarter 2012. The company's GAAP net income attributable to common stockholders was $16.2 million or $1.45 per diluted common share compared to net income of $22.2 million or $2.04 per diluted common share for the same period in 2012, with the difference almost entirely attributable to the effects of fair value changes on financial derivatives. This decrease was almost entirely attributable to the effects of fair value changes on financial derivatives. Because company's financial derivatives were not designated in hedge relationships for accounting purposes prior to third quarter 2012, changes in the fair values of these instruments were recorded in earnings without offsetting fair value adjustments on the corresponding hedged items being recorded in earnings as well. Net interest income was $28,370,000 compared to $34,208,000 a year ago. Income before income taxes were $31,304,000 compared to $40,124,000 a year ago. Net interest income after provision for loan losses was $27,940,000 compared to $33,788,000 a year ago. Net income was $22,588,000 compared to $28,470,000 a year ago. The company announced that during first quarter 2013, the company recorded $3.8 million of charge-offs against allowance for losses, including $3.6 million charge-off related to an ethanol loan that transitioned to REO status this quarter and for which Farmer Mac had reported a specific allowance in early 2010.

Federal Agricultural Mortgage Corp., Q1 2013 Earnings Call, May 10, 2013

Federal Agricultural Mortgage Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, net interest income was $22,793,000 compared to $33,365,000 a year ago. Income before income taxes was $20,704,000 compared to $27,461,000 a year ago. Net income attributable to common stockholders was $9,601,000 or $0.87 diluted per share compared to $13,323,000 or $1.23 diluted per share. Core earnings were $11.6 million, compared to $12.6 million for fourth quarter 2011. For the full year, net interest income was $121,980,000 compared to $121,305,000 a year ago. Income before income taxes was $91,116,000 compared to $44,647,000 a year ago. Net income attributable to common stockholders was $43,894,000 or $3.98 diluted per share compared to $13,784,000 or $1.28 diluted per share. Core earnings, a non-GAAP measure, increased 15.7% to $49.6 million or $4.51 per diluted common share, continuing the upward trend from $42.9 million or $3.97 per diluted common share in 2011. The increase was driven primarily by a $1.7 million charge-off on one loan in fourth quarter 2012.