Federal Agricultural Mortgage Corporation (NYSE:AGM) Q4 2023 Earnings Conference Call February 23, 2024 8:30 AM ET

Company Participants

Jalpa Nazareth - Senior Director, IR and Finance Strategy

Bradford T. Nordholm - President and CEO

Aparna Ramesh - EVP, Treasurer, and CFO

Zachary N. Carpenter - EVP and Chief Business Officer

Conference Call Participants

William Ryan - Seaport Research Partners

Bose George - KBW

Unidentified Analyst -

Brendan McCarthy - Sidoti & Company

DeForest Hinman - Bumbershoot Holdings

Operator

Good morning ladies and gentlemen and welcome to the Farmer Mac Fourth Quarter 2023 Results Conference Call. At this time all lines are in listen-only mode. Following the presentation we will conduct a question-and-answer session. [Operator Instructions]. This call is being recorded on Friday, February 23, 2024. I would now like to turn the conference over to Jalpa Nazareth. Please go ahead.

Jalpa Nazareth

Good morning and thank you for joining us for our fourth quarter and full year 2023 earnings conference call. I'm Jalpa Nazareth, Senior 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 the risks and uncertainties that could cause our actual results to differ materially from those projected.

Please refer to Farmer Mac's 2023 Annual Report on Form 10-K filed with the SEC today 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 2023 Form 10-K and earnings press release posted on Farmer Mac's website, Farmer Mac.com, under the Financial Information portion of the Investors section.

Joining us from management this morning is our President and Chief Executive Officer, Brad Nordholm, who will discuss 2023 business and financial highlights and strategic objectives; and Chief Financial Officer, Aparna Ramesh, who will provide greater detail on our financial performance. Select members of our management team will also join us to provide additional information on business trends and credit condition. At this time, I'll turn the call over to President and CEO, Brad Nordholm. Brad?

Bradford T. Nordholm

Thanks Jalpa, good morning everyone, and thank you for joining us today. 2023 was a remarkable year for Farmer Mac. We have produced double-digit earnings growth and record data factor spread and we substantially grew business volume, all while maintain credit quality and holding our efficiency ratio below our target of 30%. Our success continues to be driven by our team's execution of our multi-year strategic plan, disciplined asset liability management decisions and funding execution, and successful business development efforts which have resulted in a diversification of our revenue streams. Our strong capital base and uninterrupted access to the capital markets support our long-term strategic growth objectives, while also providing a buffer against market volatility and changing credit market conditions.