Farmer Mac reported a higher second-quarter profit, citing an increase in the value of financial derivatives and hedged assets.
The $15.1 billion-asset Farmer Mac's
Farmer Mac recorded $470 million of net business volume growth in the quarter, raising its total outstanding business volume to $15.1 billion.
Total revenue rose 3.4% to $33.8 million. Operating expense rose 10.7% to $9.7 million on higher compensation and employee benefits.
Farmer Mac, officially known as Federal Agricultural Mortgage Corp., is a government-sponsored enterprise established by Congress to create a secondary market for agricultural and rural utility loans.