Farmer Mac earned $25.4 million ($2.49 per share) in the second quarter, when its profits were driven by gains in the values of financial derivatives and recoveries of previously recorded losses related to loans for ethanol plants. For the same period last year, the company earned $21.4 million ($2.13 per share). Its outstanding portfolio of loans, guarantees and commitments stands at $10.4 billion as of the end of the second quarter. Farmer Mac's capital surplus, just $13 million at the end of last year, now stands at $100 million. Excluding ethanol loans, 90-day delinquencies were at $23.5 million as of June 30, 2009, down from $27.7 million on March 31, 2009.
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