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FARMER MAC FINANCING RURAL AMERICA Farmer Mac Reports Third Quarter 2021 Results - Outstanding Business Volume of $ 23.1 Billion - WASHINGTON , D.C. , November 8 , 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 September 30 , 2021 . Third Quarter 2021 and Recent Highlights • • • • • Added $ 2.5 billion of gross business volume , resulting in net growth of $ 921.6 million Net income of $ 24.3 million compared to $ 18.7 million in third quarter 2020 Core Earnings of $ 27.6 million compared to $ 27.7 million in the same period last year On August 18 , 2021 , completed a strategic acquisition that expanded the internal loan servicing function and acquired the loan servicing rights for a sizeable portion of our Farm & Ranch loan and USDA Guaranteed Securities portfolios On October 14 , 2021 , Farmer Mac closed a $ 302.7 million securitization of agricultural mortgage- backed securities " We delivered another quarter of strong earnings and net effective spread , reflecting the consistency of our fundamental business model , " said President & Chief Executive Officer , Brad Nordholm . " In addition , we executed two important transactions recently that are consistent with our multi - year strategic plan . The expansion of our internal loan servicing represents yet another important step as part of our dual strategy of broadening our business opportunities while also deepening relationships with existing customers . The newly structured , syndicated agricultural mortgage - backed securitization transaction , which we expect to build on in the future , exemplifies Farmer Mac's core mission to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities . " Quarter Ended Nine Months Ended $ in thousands , except per share amounts Sept. 30 , 2021 Sept. 30 , 2020 Sept. 30 , 2021 Sept. 30 , 2020 Net Business Volume Net Interest Income $ 921,630 $ ( 52,820 ) $ 1,194,697 $ 871,346 $ 55,005 $ 44,661 $ 163,385 $ 134,321 Net Effective Spread¹ $ 55,925 $ 51,802 $ 166,335 $ 142,434 Diluted EPS ( GAAP ) $ 2.24 $ 1.73 $ 7.17 $ 5.54 Core Earnings ( per diluted share ) ¹ $ 2.55 $ 2.57 $ 7.71 $ 6.88 1 Non - GAAP measure 1