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FARMER MAC FINANCING RURAL AMERICA Farmer Mac Reports First Quarter 2021 Results - Outstanding Business Volume of $ 21.9 Billion - WASHINGTON , D.C. , May 6 , 2021 - The Federal Agricultural Mortgage Corporation ( Farmer Mac ; NYSE : AGM and AGM.A ) , the nation's secondary market provider that increases the availability and affordability of credit for the benefit of rural America , today announced its results for the fiscal quarter ended March 31 , 2021 . First Quarter 2021 Highlights • • • • • Provided $ 1.5 billion in liquidity and lending capacity ; Net income attributable to common stockholders was $ 28.0 million , or $ 2.58 per diluted common share ; Core earnings , a non - GAAP measure , grew 29 % from the prior - year period to $ 25.9 million , or $ 2.39 per diluted common share ; Net interest income grew $ 12.0 million year - over - year to $ 53.3 million ; Net effective spread , a non - GAAP measure , increased 22 % from the prior - year period to $ 53.9 million ; 90 - day delinquencies were 0.33 % of total outstanding business volume as of March 31 , 2021 ; and Continued strong liquidity position , as evidenced by quarter - end cash position of $ 1.0 billion . " We are pleased with the strong results for the first quarter and our overall performance , generating strong year - over - year growth in core earnings and our net effective spread , " said President & Chief Executive Officer Brad Nordholm . “ As the country begins to emerge from the COVID - 19 pandemic , we remain focused on our core mission , to help agricultural and rural communities across the U.S. attain the low - cost financing they need . Our multi - year strategic initiatives are progressing well , and we expect to introduce new , innovative solutions . As we look at the remainder of 2021 and beyond , we believe we are well- positioned to continue to successfully execute on our mission and deliver value to our shareholders and customers over the long term . " First Quarter 2021 Results Business Volume Outstanding business volume was $ 21.9 billion as of March 31 , 2021 , a net decrease of $ 61.6 million from December 31 , 2020 after taking into account all new business , maturities , and repayments on existing assets . The net decrease was primarily attributable to net decreases of $ 97.7 million in the Institutional Credit line of business and $ 12.4 million in Rural Utilities , partially offset by net increases of $ 48.2 million in Farm & Ranch and $ 0.3 million in USDA Guarantees . 1