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FARMER MAC FINANCING RURAL AMERICA Farmer Mac Reports Second Quarter 2021 Results - Outstanding Business Volume of $ 22.2 Billion - WASHINGTON , D.C. , August 5 , 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 June 30 , 2021 . Second Quarter 2021 Highlights • Added $ 1.5 billion of gross business volume , resulting in net growth of $ 334.6 million ; • • • Net interest income grew $ 6.8 million year - over - year to $ 55.1 million ; Net effective spread , a non - GAAP measure , increased 22 % from the prior - year period to $ 56.6 million and a high 1.01 % of the overall portfolio , primarily due to portfolio growth and a continued shift in portfolio composition to higher spread loan purchase products ; Net income attributable to common stockholders was $ 25.4 million , or $ 2.35 per diluted common share ; Core earnings , a non - GAAP measure , grew 14 % from the prior - year period to $ 30.0 million , or $ 2.77 per diluted common share ; • Second quarter 2021 efficiency ratio of 26 % ; • • Return on Equity improved to 18 % , compared to 16 % for the first quarter 2021 ; Total allowance for credit losses reflected $ 1.0 million release driven by improving credit metrics and economic forecasts ; and Issued $ 125.0 million of Tier 1 capital through the public offering of 4.875 % Series G non- cumulative preferred stock . " Second quarter was another strong quarter for Farmer Mac , " said President & Chief Executive Officer Brad Nordholm . " We generated record core earnings results , with an all - time high net effective spread . We maintained strong credit quality , saw continued volume demand and executed on critical initiatives that are consistent with our multi - year strategic plan . We expect the positive trends in the first half of the year to continue , as we build on the momentum we've established as we create greater value for our customers , communities , and shareholders over time . While the emergence of the Delta variant creates some level of near - term uncertainty , we are confident that our current infrastructure , strong capital position , and commitment to our customers will continue to support us , as it has over the last 17 months , in navigating the ongoing pandemic . " 1