Farmer Mac Q2 2026: Record Earnings, $96.8M Preferred Issuance, and Growing Loan Book
AGM sits 61% above its 52-week low of $136.57.
Summary
Farmer Mac posted record Q2 2026 earnings with net income of $66.95 million, a 22% increase, and completed a $96.8 million preferred stock issuance. The loan portfolio grew to $18.2 billion, while credit metrics showed modest deterioration.
Key Events · Earnings and Guidance · AGM
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Record Q2 Earnings
Net income attributable to common stockholders rose 19.7% year-over-year to $58.9 million, with diluted EPS of $5.41. Driving the performance, net interest income increased 22% to $118.1 million, fueled by volume growth and a $7.4 million recovery of default interest.
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Balance Sheet Expansion
Total assets grew 11% from year-end to $39.3 billion. Net loans increased to $18.2 billion, supported by $4.0 billion in new business volume during the quarter, led by Farm & Ranch and Renewable Energy.
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Preferred Stock Issuance
The company issued 4.0 million shares of 6.875% Series I non-cumulative preferred stock, raising $96.8 million in net proceeds. As a result, core capital now exceeds the regulatory minimum by $730.7 million.
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Credit Quality Trends
The allowance for losses rose to $47.2 million, reflecting a $7.0 million provision in Q2. Substandard assets increased to $635.2 million, or 3.9% of agricultural loans, while 90-day delinquencies improved to 0.93% from 1.25% in Q1.
Analysis · AGM · Finance
A 22% surge in net interest income propelled Farmer Mac to record second-quarter net income of $66.95 million, up 22% year-over-year. The balance sheet expanded materially, with total assets surpassing $39 billion and net loans climbing 11% to $18.2 billion. The quarter also featured a $96.8 million Series I preferred stock offering that bolstered regulatory capital. On the credit front, substandard assets edged up to 3.9% of the agricultural portfolio, and the allowance for losses rose to $47.2 million, though 90-day delinquencies remain manageable at 0.93%. Trading near its 52-week high, the stock reflects the market's favorable view of the earnings momentum and capital position.
How filings like this one have moved
In the 30 days to Sep 23, 2026, 35.1% of the 1081 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.41%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, AGM was trading at $220.30 on NYSE in the Finance sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $136.57 to $221.22. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.