We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Federal Agricultural Mortgage Corporation | NYSE:AGM.A | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-5.08 | -3.45% | 142.24 | 142.24 | 142.21 | 142.21 | 557 | 21:00:07 |
Federally chartered instrumentality
of the United States
|
|
001-14951
|
|
52-1578738
|
|
|
|
|
|
(State or Other Jurisdiction
of Incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer Identification No.)
|
|
|
|
|
|
1999 K Street, N.W., 4th Floor,
|
|
20006
|
||
Washington,
|
DC
|
|
|
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Title of each class
|
|
Trading symbol
|
|
Exchange on which registered
|
Class A voting common stock
|
|
AGM.A
|
|
New York Stock Exchange
|
Class C non-voting common stock
|
|
AGM
|
|
New York Stock Exchange
|
5.875% Non-Cumulative Preferred Stock, Series A
|
|
AGM.PRA
|
|
New York Stock Exchange
|
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
|
|
AGM.PRC
|
|
New York Stock Exchange
|
5.700% Non-Cumulative Preferred Stock, Series D
|
|
AGM.PRD
|
|
New York Stock Exchange
|
Item 8.01
|
Other Events.
|
•
|
Credit and Counterparty Risk. As discussed in “Risk Factors-Credit and Counterparty Risk” in Farmer Mac’s 2019 Form 10-K, factors that put downward pressure on the profitability of a farming or rural utilities operation could inhibit a borrower's repayment capacity on one or more loans in Farmer Mac’s portfolio, and Farmer Mac has concentrated credit exposures to a small group of business counterparties on AgVantage securities. Farmer Mac assumes the ultimate credit risk of borrower defaults on its agricultural mortgage and rural utilities loan assets, including AgVantage securities, and Farmer Mac's earnings depend significantly on their performance. Farmer Mac recognizes that the COVID-19 pandemic may create significant stress for agricultural and rural borrowers because of disruptions to employees, markets, transportation, and other factors important to their operations. If the effects of COVID-19 result in widespread and sustained repayment shortfalls on loans in Farmer Mac's portfolio or defaults by AgVantage counterparties, Farmer Mac could incur significant credit losses, particularly if conditions cause land and asset values to deteriorate and the available collateral is insufficient to cover Farmer Mac's exposure, which likely would have a material adverse effect on Farmer Mac's financial condition, results of operations, liquidity, or capital levels.
|
•
|
Strategic/Business Risk. As discussed in “Risk Factors-Strategic/Business Risk” in Farmer Mac’s 2019 Form 10-K, the success of Farmer Mac's business may be affected by a variety of external factors that may affect the price or marketability of Farmer Mac's products and services, including disruptions in the capital markets, changes in interest rates that may increase Farmer Mac's funding costs, and reduced demand for Farmer Mac’s products due to economic conditions. The future effects of COVID-19 on economic activity could negatively affect the future demand for or profitability of Farmer Mac’s products and services by farmers, ranchers, rural utilities, and their lenders. The risk factors in the 2019 Form 10-K also identified Farmer Mac's continued ability to issue debt securities at favorable rates and terms in the U.S. financial markets as essential to the operation of its business. Farmer Mac’s daily access to the debt capital markets continued to be strong through the date of this report. Issuances with maturities beyond five years have seen modest upward pressure on funding costs in recent weeks, although Farmer Mac has maintained access to funding beyond five years. If the effects of COVID-19 were to create market disruptions that caused Farmer Mac to be unable to continue to issue debt securities at favorable rates and desired terms, Farmer Mac's business, operating results, or financial condition would likely be adversely affected. Also, if the upward pressure on funding costs for longer-term issuances continues, the competitiveness of and demand for Farmer Mac’s longer-term rate products may be adversely affected.
|
•
|
Operational Risk. Farmer Mac relies on business processes that largely depend on people, technology, and the use of complex systems and models to manage its business, including access to information systems and models as well as information, applications, payment systems, and other services provided by third parties. In response to the challenges presented by the COVID-19 pandemic, Farmer Mac has modified its business practices to focus on protecting its employees and the public while continuing to fulfill its critical mission and maintaining its regular business operations in support of the farmers, ranchers, and rural utilities of America. On March 12, 2020, Farmer Mac activated its Business Continuity Plan (“BCP”) and has been operating uninterrupted since then with all of its employees working remotely from their homes. Farmer Mac has provided guidance and support to all of its employees to ensure that they have the tools and knowledge needed to effectively work from home, and Farmer Mac’s technology platform and BCP have been functioning as designed in support of all functions of the organization. Nonetheless, because the technology in employees’ homes may not be as robust as in Farmer Mac’s offices and could cause the networks, information systems, applications, and other tools available to employees to be more limited or less reliable than Farmer Mac’s in-office technology, the continuation of these work-from-home measures introduces additional operational risk. These risks include but are not limited to greater cybersecurity risks, strain on the local technology networks for remote operations, and potential impairment of the ability to perform critical functions, all of which could adversely affect Farmer Mac’s business, results of operations, and financial condition. Farmer Mac regularly monitors the attempts by third parties to gain unauthorized access to its network and information systems through cyber-attacks. Despite the increased cybersecurity risks presented by a workforce that is operating entirely remotely, Farmer Mac had not experienced any cyber-attacks or other privacy or data security incidents through the date of this report that
|
•
|
Market Risk. As discussed in “Risk Factors-Market Risk” in Farmer Mac’s 2019 Form 10-K, Farmer Mac is exposed to interest rate risk that could materially and adversely affect its business, operating results, or financial condition and changes in interest rates relative to Farmer Mac’s management of interest rate risk through derivatives may cause volatility in financial results and capital levels and may adversely affect Farmer Mac’s net income, liquidity position, or operating results. Farmer Mac’s financing activities, hedging activities, net effective spread, and profitability could be negatively affected by volatility in interest rates caused by uncertainties stemming from COVID-19, as evidenced by the recent actions of the Federal Reserve to significantly lower the target range for the federal funds rate based on concerns about the disruption to economic activity. A prolonged period of extremely volatile and unstable market conditions would likely increase Farmer Mac’s hedging and funding costs while negatively affecting market risk mitigation strategies. In that scenario, Farmer Mac may adjust its funding strategy for long-term fixed rate assets. Alternative funding strategies could result in greater exposure to re-funding risk and higher income volatility from changes in interest rates and
|
•
|
Financial Risk. As discussed in “Risk Factors-Financial Risk” in Farmer Mac’s 2019 Form 10-K, Farmer Mac is exposed to risk related to changes in accounting standards or in applying accounting policies that could adversely affect Farmer Mac. For example, a new GAAP accounting standard effective for Farmer Mac starting first quarter 2020, known as “CECL,” requires entities to measure credit losses based on an "expected credit loss" approach rather than an "incurred loss" approach previously required under GAAP. The new approach requires entities to measure all expected credit losses for financial assets carried at amortized cost and debt securities classified as available-for-sale, based on historical experience, current conditions, and reasonable forecasts of collectability. The recent legislative and regulatory relief granted to some financial institutions to delay the effective date of the implementation of CECL beyond first quarter 2020 do not apply to Farmer Mac. The inputs used in Farmer Mac’s CECL model will be adjusted to reflect current conditions and forecasts in light of the COVID-19 pandemic, which are likely to cause increases and more volatility in Farmer Mac's provision for credit losses and could adversely affect Farmer Mac's business, operating results, financial condition, or capital levels.
|
•
|
Human Capital Risk. As discussed in “Risk Factors-Human Capital Risk” in Farmer Mac’s 2019 Form 10-K, Farmer Mac’s ability to attract and retain motivated and qualified employees is critical to the success of its business, and significant or sustained disruption in the continuity of Farmer Mac's employees or executive leaders may materially adversely affect Farmer Mac's business performance, operations, or financial condition. A significant percentage of Farmer Mac’s employees and executive leaders live and work in the geographic region of its main office in Washington, D.C, with about 25% of the total workforce of 112 individuals distributed in other geographic locations in the United States. This concentration of Farmer Mac's personnel, technology, and facilities increases Farmer Mac's risk of business disruptions if the negative impacts of the COVID-19 pandemic affect the Washington, D.C. metropolitan area disproportionately compared to other regions of the country. If Farmer Mac experiences widespread cases of COVID-19 among its employees, it would place more pressure on the remaining employees to perform all functions across the organization and could impair the company’s ability to conduct business. Farmer Mac also relies on many third party service providers to conduct its business, including loan servicers, information systems providers, software-as-a-service (SaaS) providers, cloud computing service providers, consultants on key technology initiatives, and other service providers. Although Farmer Mac has continued to operate effectively through a fully remote workforce, it is uncertain what effect COVID-19-related illnesses and government and third party actions taken to contain COVID-19 and mitigate public health and economic effects may have on Farmer Mac’s operations in the future or the operations of the consultants and other service providers that it relies upon.
|
101.INS
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition
|
101.LAB
|
Inline XBRL Taxonomy Extension Label
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation
|
104
|
Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101
|
1 Year Federal Agricultural Mor... Chart |
1 Month Federal Agricultural Mor... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions