The Federal Agricultural Mortgage Corporation (NYSE:AGM) Q1 2022 Results Conference Call May 9, 2022 4:30 PM ET

Company Participants

Jalpa Nazareth - Director, IR and Finance Strategy

Brad Nordholm - President and CEO

Aparna Ramesh - CFO

Zach Carpenter - EVP and Chief Business Officer

Marc Crady - SVP and Chief Credit Officer

Conference Call Participants

Marla Backer - Sidoti

Jalpa Nazareth

Good afternoon, and thank you for joining us for our First Quarter 2022 Earnings Conference Call. I’m Jalpa Nazareth, Director of Investor Relations and Finance Strategy here at Farmer Mac.

As we begin, please note that the information provided during this call may contain forward-looking statements about the Company’s business strategies and prospects, which are based on management’s current expectations and assumptions. These statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Please refer to Farmer Mac’s 2021 annual report and subsequent SEC filings for a full discussion of the Company’s risk factors.

On today’s call, we will also be discussing certain non-GAAP financial measures. Disclosures and reconciliations of these non-GAAP measures can be found in the most recent Form 10-Q and earnings release posted on Farmer Mac’s website, farmermac.com under the Financial Information portion of the Investors section.

Joining us from management this afternoon are our President and Chief Executive Officer, Brad Nordholm, who will discuss first quarter business and financial highlights and strategic objectives; and our Chief Financial Officer, Aparna Ramesh, who will provide greater detail on our financial performance. Select members of our management team will also be joining us for the question-and-answer period.

At this time, I’ll turn the call over to President and CEO, Brad Nordholm. Brad?

Brad Nordholm

Thanks Jalpa, and good afternoon, everyone. I’m really pleased that you’re able to join us today.

I’m happy to report a very successful first quarter 2022. Our financial results are strong as we’ll be discussing, and we also are working to build upon a solid foundation for our future growth. We’ve provided a gross $3 billion in liquidity and lending capacity to lenders serving rural America in the first quarter 2022. This resulted in outstanding business volume of $24.2 billion as of March 31st. We generated consistent core earnings, and most importantly, our portfolio remained strong and credit performance continued to be stable with 90-day delinquencies and substandard asset ratios improving relative to the same period last year.