Technology

Farmer Mac Reports Second Quarter 2026 Results

Published

56 minutes ago

July 30, 2026

– Outstanding Business Volume of $37.2 Billion –

WASHINGTON, July 30, 2026 /PRNewswire/ — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced its results for the fiscal quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Record outstanding business volume of $37.2 billion, reflecting 22% growth year-over-yearProvided $4.0 billion in liquidity and lending capacity to lenders serving rural AmericaNet interest income grew 22% year-over-year to $118.1 millionNet effective spread1 increased 25% from the prior-year period to a record $117.4 millionNet income attributable to common stockholders was $58.9 million, or $5.41 per diluted shareRecord core earnings1 of $58.8 million, or $5.40 per diluted share, reflecting 24% growth year-over-yearTotal core capital of $1.9 billion and a Tier 1 Capital Ratio of 13.2% as of June 30, 2026Issued $100.0 million of Tier 1 capital through the public offering of 6.875% Series I non-cumulative preferred stock

“Farmer Mac delivered record second quarter results, with business volume, revenue, and core earnings all reaching all-time highs, a testament to the strength of our mission-driven franchise and the disciplined execution of our strategy across every part of our business,” said Zachary Carpenter, President and Chief Executive Officer. “Broad-based volume growth carried us past $37 billion in outstanding business volume, reinforcing our role as a vital source of liquidity for American agriculture and rural infrastructure. We also strengthened our already robust capital base through a successful preferred stock issuance and maintained our expense efficiency ratio below our 30% strategic target, while continuing to invest for future growth.”

$ in millions, except per share amounts

Quarter Ended

June 30,
2026

March 31,
2026

June 30,
2025

QoQ %

Change2

YoY %

Change2

Net Change in

Business Volume

$2,351.1

$1,494.5

$831.9

N/A

Net Interest Income (GAAP)

$118.1

$101.4

$96.8

16 %

22 %

Net Effective Spread

(Non-GAAP)

$117.4

$102.0

$93.9

15 %

25 %

Diluted EPS (GAAP)

$5.41

$4.75

$4.48

14 %

21 %

Diluted Core EPS (Non-GAAP)

$5.40

$4.74

$4.32

14 %

25 %

____________________________

1Non-GAAP (Generally Accepted Accounting Principles) Measure
2Percentage changes may not compute directly as shown due to rounding of amounts presented above

“Our commitment to innovation reached an important milestone this week with the launch of Farmer Mac Loan Exchange, or FLX, our new Farm & Ranch loan platform, a significant step in modernizing our technology to deliver liquidity more efficiently and at scale, and a strong example of the innovation that will continue to differentiate Farmer Mac and transform the agricultural mortgage market,” Mr. Carpenter continued. “As we look to the balance of 2026, we remain well positioned to navigate an evolving macro environment through our diversified portfolio, strong capital position, and disciplined underwriting. We are excited about the significant opportunities ahead and remain focused on deepening our impact in the markets we serve while delivering durable, high-quality earnings and long-term value for our shareholders.”

Second Quarter 2026 Income Statement Highlights

Net interest income grew $21.3 million year-over-year and $16.7 million quarter-over-quarterNet effective spread3 increased $23.5 million year-over-year, and $15.4 million quarter-over-quarter, primarily due to robust net volume growth and the collection of $7.4 million of recovery of interest on a delinquent permanent planting exposureCredit provisions primarily related to new volume growth across all segments and portfolio credit migration trendsPurchased $21.4 million of tax credits, resulting in a benefit of $2.0 millionNet income increased $9.7 million year-over-year and $7.0 million quarter-over-quarterCore earnings3 increased $11.4 million year-over-year and $7.0 million quarter-over-quarter to $58.8 millionCore return on equity was 19% in the second quarter, reflecting strong profitability and efficient capital deployment

$ in billions

Quarter Ended June 30, 2026

% of
Outstanding
Business
Volume

Segment

Business
Volume

Net Effective
Spread

YoY Volume
Growth

Agricultural Finance

65 %

Farm & Ranch

$22.0

1.01 %

21 %

Corporate AgFinance

$2.1

3.76 %

7 %

Infrastructure Finance

35 %

Power & Utilities

$8.3

0.36 %

13 %

Renewable Energy

$3.0

1.72 %

55 %

Broadband Infrastructure

$1.9

2.30 %

58 %

Second Quarter 2026 Portfolio Highlights

Broad-based, net portfolio growth of $2.4 billion reflective of strong customer demand across all segmentsFarm & Ranch portfolio grew by $1.7 billion, primarily due to $1.1 billion of net growth in AgVantage securities, including a $0.8 billion AgVantage security from a new counterparty, and net loan purchase volume of $483.4 millionCorporate AgFinance portfolio grew modestly by $30.5 million due to loan purchases and AgVantage securities activity with several counterpartiesStrong business volume in Power & Utilities resulted in net growth of $291.0 million, which included the purchase of a $197 million pool of loans from a single customerRenewable Energy business volume increased $120.2 million due to strong deal flow and continued project finance momentumBroadband Infrastructure business volume grew $161.8 million, reflecting steady demand for rural telecommunications and data connectivity

_____________

3Non-GAAP Measure

Earnings Conference Call Information

The conference call to discuss Farmer Mac’s second quarter 2026 financial results will be held beginning at 4:30 p.m. eastern time on Thursday, July 30, 2026, and can be accessed by telephone or live webcast as follows:

Telephone (Domestic): (888) 880-3330
Telephone (International): (646) 357-8766
Webcast: https://www.farmermac.com/investors/events-presentations/

When dialing in to the call, please ask for the “Farmer Mac Earnings Conference Call.” The call can be heard live and will also be available for replay on Farmer Mac’s website for one week following the conclusion of the call.

More complete information about Farmer Mac’s performance for second quarter 2026 is in Farmer Mac’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed today with the Securities and Exchange Commission (“SEC”).

Use of Non-GAAP Measures

We use “non-GAAP measures” in our analysis of financial information. Non-GAAP measures represent measures of financial performance that are not presented in accordance with GAAP. Specifically, we use the following non-GAAP measures: (1) “core earnings,” (2) “core earnings per common share,” and (3) “net effective spread,” in both dollars and percentage yield. In our view, these non-GAAP measures are useful alternative measures in understanding our economic performance, transaction economics, and business trends. Our non-GAAP financial measures may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Our disclosure of non-GAAP measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.

Core Earnings and Core Earnings Per Share

The main difference between core earnings and core earnings per common share, which are non-GAAP measures, and net income attributable to common stockholders and earnings per common share, which are GAAP measures, is that those non-GAAP measures exclude the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on our financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Additionally, these two non-GAAP measures exclude specified infrequent or unusual transactions that we believe are not indicative of future operating results and that may not reflect the trends and economic financial performance of our core business.

Net Effective Spread

We use Net Effective Spread (“NES”) to measure the net spread earned between interest-earning assets and the related net funding costs, including any associated derivatives, whether or not they are designated in a hedge accounting relationship.

NES excludes the following:

Interest income and interest expense associated with single-class consolidated trusts with beneficial interests owned by third parties and for which we guarantees all classes of securities issued (“single-class consolidated trusts”) and reclassifies that activity to guarantee and commitment fees in determining our core earnings. This reclassification reflects our view that the net interest income earned on single-class consolidated trusts is effectively a guarantee fee.Fair value changes of financial derivatives and corresponding financial assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on our financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity.The amortization of premiums and discounts on assets consolidated at fair value.

NES includes the following:

Income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships (“undesignated financial derivatives”). For undesignated financial derivatives, we record the income or expense related to the accrual of the contractual amounts due in “Gains/(losses) on financial derivatives” on the Consolidated Statements of Operations.The net effects of terminations or net settlements on undesignated financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other government-sponsored enterprises and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that we receive upon the inception of certain swaps. For GAAP purposes, realized gains or losses on settlements of these contracts are reported in the Consolidated Statements of Operations in the period in which they occur. For NES, these realized gains or losses are deferred and amortized as net yield adjustments over the term of the related debt, which generally ranges from 3 to 15 years.

More information about Farmer Mac’s use of non-GAAP measures is available in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Farmer Mac’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed today with the SEC. For a reconciliation of Farmer Mac’s net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, and net interest income and net interest yield to net effective spread, see “Reconciliations” below.

Forward-Looking Statements

Management’s expectations for Farmer Mac’s future necessarily involve assumptions, estimates, and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause our actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about:

the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;legislative, regulatory, or current or future political developments that could affect Farmer Mac, its sources of business, or agricultural or infrastructure industries;fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;the level of lender interest in Farmer Mac’s products and the secondary market provided by Farmer Mac;the general rate of growth in agricultural mortgage and infrastructure indebtedness;the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in U.S. trade policies (including tariffs and trade restrictions), fluctuations in export demand for U.S. agricultural products and foreign currency exchange rates, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices;the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac’s borrowing costs relative to market indices;developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving GSEs, including Farmer Mac;the effects of the Federal Reserve’s efforts to achieve monetary policy normalization to respond to inflation and employment levels; andother factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, flooding and drought, or fluctuations in agricultural real estate values.

Other risk factors are discussed in “Risk Factors” in Part I, Item 1A in Farmer Mac’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this release. The forward-looking statements contained in this release represent management’s expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this release is not necessarily indicative of future results.

About Farmer Mac

Farmer Mac is driven by its mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. The secondary market served by Farmer Mac provides liquidity to our nation’s agricultural and infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions’ growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America’s rural and agricultural communities. Additional information about Farmer Mac is available on our website at www.farmermac.com.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

As of

June 30, 2026

December 31, 2025

(in thousands)

Assets:

Cash and cash equivalents (includes restricted cash of $26,984 and $24,475, respectively)

$ 1,038,091

$ 931,067

Investment securities:

Available-for-sale, at fair value (amortized cost of $15,249,174 and $13,813,551, respectively)

14,891,506

13,580,285

Held-to-maturity, at amortized cost

4,514,893

3,954,223

Other investments

18,763

15,871

Total Investment Securities

19,425,162

17,550,379

Loans:

Loans held for investment, at amortized cost

15,902,213

13,877,051

Loans held for investment in consolidated trusts, at amortized cost

2,325,798

2,482,010

Allowance for losses

(47,167)

(37,785)

Total loans, net of allowance

18,180,844

16,321,276

Financial derivatives, at fair value

42,411

44,875

Accrued interest receivable (includes $37,189 and $40,945, respectively, related to consolidated trusts)

374,120

357,155

Guarantee and commitment fees receivable

58,476

57,214

Deferred tax asset, net

10,599

173

Prepaid expenses and other assets

160,489

108,018

Total Assets

$ 39,290,192

$ 35,370,157

Liabilities and Equity:

Liabilities:

Notes payable

$ 34,693,922

$ 30,822,570

Debt securities of consolidated trusts held by third parties

2,217,532

2,365,435

Financial derivatives, at fair value

69,282

21,618

Accrued interest payable (includes $14,696 and $15,795, respectively, related to consolidated trusts)

268,428

233,714

Guarantee and commitment obligation

55,555

54,770

Other liabilities

131,039

153,101

Total Liabilities

37,435,758

33,651,208

Commitments and Contingencies

Equity:

Preferred stock:

Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding

96,659

Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding

77,003

Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding

116,160

Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding

121,327

Series H, par value $25 per share, 4,000,000 shares authorized, issued and outstanding

96,844

Series I, par value $25 per share, 4,000,000 shares authorized, issued and outstanding

96,764

—

Common stock:

Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding

1,031

Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding

500

Class C Non-Voting, $1 par value, no maximum authorization, 9,318,708 shares and 9,325,556 shares
outstanding, respectively

9,319

9,326

Additional paid-in capital

140,836

139,370

Accumulated other comprehensive (loss)/income, net of tax

(18,234)

13,382

Retained earnings

1,116,225

1,047,347

Total Equity

1,854,434

1,718,949

Total Liabilities and Equity

$ 39,290,192

$ 35,370,157

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(in thousands, except per share amounts)

Interest income:

Investment securities and cash equivalents

$ 215,222

$ 213,983

$ 418,631

$ 423,633

Loans

235,038

185,039

447,590

356,803

Total interest income

450,260

399,022

866,221

780,436

Total interest expense

332,185

302,225

646,750

592,700

Net interest income

118,075

96,797

219,471

187,736

Provision for losses

(7,017)

(7,713)

(11,325)

(9,397)

Net interest income after provision for losses

111,058

89,084

208,146

178,339

Non-interest income/(expense):

Guarantee and commitment fees

6,079

4,816

11,916

9,295

Gains/(losses) on financial derivatives

224

1,364

(2,556)

Other income

634

941

1,386

2,478

Non-interest income

6,937

5,837

14,666

9,217

Operating expenses:

Compensation and employee benefits

23,706

17,631

44,963

35,383

General and administrative

11,591

10,859

22,853

21,617

Regulatory fees

862

1,000

1,725

2,000

Operating expenses

36,159

29,490

69,541

59,000

Income before income taxes

81,836

65,431

153,271

128,556

Income tax expense

14,885

10,594

27,197

24,068

Net income

66,951

54,837

126,074

104,488

Preferred stock dividends

(8,074)

(5,667)

(15,365)

(11,333)

Net income attributable to common stockholders

$ 58,877

$ 49,170

$ 110,709

$ 93,155

Earnings per common share:

Basic earnings per common share

$ 5.43

$ 4.50

$ 10.21

$ 8.53

Diluted earnings per common share

$ 5.41

$ 4.48

$ 10.15

$ 8.49

Reconciliations

Reconciliations of Farmer Mac’s net income attributable to common stockholders to core earnings and core earnings per share are presented in the following tables along with information about the composition of core earnings for the periods indicated:

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings

For the Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

(in thousands, except per share amounts)

Net income attributable to common stockholders

$ 58,877

$ 51,832

$ 49,170

Less reconciling items:

Gains/(losses) on undesignated financial derivatives due to fair
value changes

184

(679)

(639)

Gains on hedging activities due to fair value changes

889

362

2,709

Unrealized gains/(losses) on trading assets

(65)

Net effects of amortization of premiums/discounts and deferred
gains on assets consolidated at fair value(1)

Net effects of terminations or net settlements on financial derivatives

(1,017)

335

255

Income tax effect related to reconciling items

(30)

(24)

(480)

Sub-total

111

1,805

Core earnings

$ 58,766

$ 51,741

$ 47,365

Composition of Core Earnings:

Revenues:

Net effective spread(2)

$ 117,438

$ 101,999

$ 93,893

Guarantee and commitment fees(3)

7,044

6,715

5,874

Other(4)

742

1,185

742

Total revenues

125,224

109,899

100,509

Credit related expense/(income) (GAAP):

Provision for losses

7,017

4,308

7,713

Other credit related expense/(income)

352

889

160

Total credit related expense/(income)

7,369

5,197

7,873

Operating expenses (GAAP):

Compensation and employee benefits

23,706

21,257

17,631

General and administrative

11,591

11,262

10,859

Regulatory fees

862

863

1,000

Total operating expenses

36,159

33,382

29,490

Net earnings

81,696

71,320

63,146

Income tax expense(5)

14,856

12,288

10,114

Preferred stock dividends (GAAP)

8,074

7,291

5,667

Core earnings

$ 58,766

$ 51,741

$ 47,365

Core earnings per share:

Basic

$ 5.42

$ 4.77

$ 4.33

Diluted

$ 5.40

$ 4.74

$ 4.32

(1)

Reflects the amortization recorded during the reporting period on those assets for which the premium, discount, or deferred gain was a result of consolidation accounting rather than a cash transaction.

(2)

Net effective spread is a non-GAAP measure. See “Use of Non-GAAP Measures” above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.

(3)

Includes net interest income of $1.0 million and $1.0 million for the three months ended June 30, 2026 and 2025, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees.

(4)

Reflects reconciling adjustments for the reclassification to exclude expenses related to undesignated financial derivatives and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

(5)

Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings

For the Six Months Ended

June 30, 2026

June 30, 2025

(in thousands, except per share amounts)

Net income attributable to common stockholders

$ 110,709

$ 93,155

Less reconciling items:

Losses on undesignated financial derivatives due to fair value changes (see Table 11)

(495)

(3,212)

Gains on hedging activities due to fair value changes

1,251

3,808

Unrealized gains/(losses) on trading securities

112

(56)

Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at
fair value(1)

Net effects of terminations or net settlements on financial derivatives

(682)

(815)

Income tax effect related to reconciling items

(54)

Sub-total

202

(176)

Core earnings

$ 110,507

$ 93,331

Composition of Core Earnings:

Revenues:

Net effective spread(2)

$ 219,437

$ 183,883

Guarantee and commitment fees(3)

13,759

11,362

Other(4)

1,927

2,057

Total revenues

235,123

197,302

Credit related expense (GAAP):

Provision for losses

11,325

9,397

Other credit related expense/(income)

1,241

127

Total credit related expense

12,566

9,524

Operating expenses (GAAP):

Compensation and employee benefits

44,963

35,383

General and administrative

22,853

21,617

Regulatory fees

1,725

2,000

Total operating expenses

69,541

59,000

Net earnings

153,016

128,778

Income tax expense(5)

27,144

24,114

Preferred stock dividends (GAAP)

15,365

11,333

Core earnings

$ 110,507

$ 93,331

Core EPS:

Basic

$ 10.19

$ 8.55

Diluted

$ 10.14

$ 8.51

(1)

(2)

(3)

Includes net interest income of $2.0 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees.

(4)

(5)

Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share

For the Three Months Ended

For the Six Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(in thousands, except per share amounts)

GAAP – Basic EPS

$ 5.43

$ 4.78

$ 4.50

$ 10.21

$ 8.53

Less reconciling items:

Gains/(losses) on undesignated financial
derivatives due to fair value changes

0.02

(0.06)

(0.05)

(0.29)

Gains on hedging activities due to fair value
changes

0.07

0.03

0.25

0.12

0.35

Unrealized gains/(losses) on trading securities

0.01

(0.01)

0.01

(0.01)

Net effects of amortization of
premiums/discounts and deferred gains on
assets consolidated at fair value

—

0.01

Net effects of terminations or net settlements on
financial derivatives

(0.09)

0.03

(0.06)

(0.08)

Income tax effect related to reconciling items

—

(0.04)

(0.01)

—

Sub-total

0.01

0.17

0.02

(0.02)

Core Earnings – Basic EPS

$ 5.42

$ 4.77

$ 4.33

$ 10.19

$ 8.55

Shares used in per share calculation (GAAP and
Core Earnings)

10,849

10,844

10,933

10,847

10,915

Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share

For the Three Months Ended

For the Six Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(in thousands, except per share amounts)

GAAP – Diluted EPS

$ 5.41

$ 4.75

$ 4.48

$ 10.15

$ 8.49

Less reconciling items:

Gains/(losses) on undesignated financial
derivatives due to fair value changes

0.02

(0.06)

(0.05)

(0.29)

Gains on hedging activities due to fair value
changes

0.07

0.03

0.25

0.11

0.35

Unrealized gains/(losses) on trading securities

0.01

(0.01)

0.01

(0.01)

Net effects of amortization of
premiums/discounts and deferred gains on
assets consolidated at fair value

—

0.01

—

Net effects of terminations or net settlements
on financial derivatives

(0.09)

0.03

0.02

(0.06)

(0.07)

Income tax effect related to reconciling items

—

(0.04)

(0.01)

—

Sub-total

0.01

0.16

0.01

(0.02)

Core Earnings – Diluted EPS

$ 5.40

$ 4.74

$ 4.32

$ 10.14

$ 8.51

Shares used in per share calculation (GAAP and
Core Earnings)

10,882

10.922

10,963

10,902

10,973

The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:

Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread

For the Three Months Ended

For the Six Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

(dollars in thousands)

Net interest income

$ 118,075

1.24 %

$ 101,396

1.13 %

$ 96,797

1.20 %

$ 219,471

1.18 %

$ 187,736

1.17 %

Net effects of consolidated
trusts

(1,023)

0.02 %

(930)

0.02 %

(987)

0.02 %

(1,953)

0.02 %

(1,998)

0.02 %

Expense related to
undesignated financial
derivatives

556

— %

969

0.01 %

(208)

— %

1,525

0.01 %

110

— %

Amortization of
premiums/discounts on
assets consolidated at fair
value

(24)

— %

(41)

— %

(22)

— %

(65)

— %

(47)

— %

Amortization of losses due
to terminations or net
settlements on financial
derivatives

743

0.01 %

967

0.01 %

1,022

0.01 %

1,710

0.01 %

1,890

0.01 %

Fair value changes on fair
value hedge relationships

(889)

(0.01) %

(362)

(0.01) %

(2,709)

(0.04) %

(1,251)

(0.01) %

(3,808)

(0.02) %

Net effective spread

$ 117,438

1.26 %

$ 101,999

1.16 %

$ 93,893

1.19 %

$ 219,437

1.21 %

$ 183,883

1.18 %

The following table presents core earnings for Farmer Mac’s reportable operating segments and a reconciliation to consolidated net income for the three months ended June 30, 2026:

Core Earnings by Business Segment

For the Three Months Ended June 30, 2026

Agricultural Finance

Infrastructure Finance

Treasury

Farm &
Ranch

Corporate
AgFinance

Power &

Utilities

Broadband
Infrastructure

Renewable
Energy

Funding

Investments

Total

(in thousands)

Interest income

$ 186,369

$ 33,344

$ 76,362

$ 18,006

$ 35,893

$ 17,968

$ 82,318

$ 450,260

(Interest expense)/benefit(1)

(145,286)

(16,575)

(69,377)

(11,428)

(25,120)

16,855

(81,254)

(332,185)

Less: reconciling adjustments(2)(3)

(1,020)

—

(23)

—

406

—

(637)

Net effective spread

40,063

16,769

6,962

6,578

10,773

35,229

1,064

117,438

Guarantee and commitment fees(3)

4,968

243

196

1,081

556

—

7,044

Other income/(expense)

928

—

(25)

(22)

—

896

Provision for losses

(3,333)

(524)

(368)

(1,987)

(1,157)

—

(7,369)

Operating expenses(1)

(9,286)

(2,356)

(1,258)

(1,881)

(2,221)

(2,969)

(1,013)

(20,984)

Income tax expense

(7,001)

(2,971)

(1,162)

(790)

(1,665)

(6,776)

(11)

(20,376)

Segment core earnings

$ 26,339

$ 11,176

$ 4,370

$ 2,976

$ 6,264

$ 25,484

$ 40

$ 76,649

Reconciliation to net income:

Net effects of derivatives and
trading securities

$ 115

Unallocated (expenses)/income

(15,304)

Income tax effect related to
reconciling items

5,491

Net income

$ 66,951

Total Assets:

Total on- and off-balance sheet
segment assets at principal balance

$ 21,987,822

$ 2,082,762

$ 8,266,639

$ 1,851,902

$ 3,008,013

$ —

$ 37,197,138

Off-balance sheet assets under
management

(6,026,228)

Unallocated assets

8,119,282

Total assets on the Consolidated
Balance Sheets

$ 39,290,192

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker.

(2)

Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in “Gains/(losses) on financial derivatives” on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3)

Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management’s view that the net interest income Farmer Mac earns is effectively a guarantee fee.

Supplemental Information

The following table sets forth information about outstanding volume in each of Farmer Mac’s lines of business as of the dates indicated:

Outstanding Business Volume

As of June 30, 2026

As of December 31, 2025

(in thousands)

Agricultural Finance:

Farm & Ranch:

Loans and other securities

$ 9,360,003

$ 8,492,788

AgVantage Securities

5,740,000

4,270,000

USDA Securities

2,530,360

2,443,432

Unfunded commitments & guarantees

4,003,709

3,977,136

Loans serviced for others

353,750

381,560

Total Farm & Ranch

$ 21,987,822

$ 19,564,916

Corporate AgFinance:

Loans and other securities

$ 1,512,959

$ 1,460,691

AgVantage Securities

303,613

190,977

Unfunded commitments & guarantees

266,190

298,868

Total Corporate AgFinance

$ 2,082,762

$ 1,950,536

Total Agricultural Finance

$ 24,070,584

$ 21,515,452

Infrastructure Finance:

Power & Utilities:

Loans and other securities

$ 4,026,622

$ 3,548,523

AgVantage Securities

3,905,103

3,967,154

Unfunded commitments & guarantees

334,914

344,945

Total Power & Utilities

$ 8,266,639

$ 7,860,622

Broadband Infrastructure:

Loans and other securities

$ 1,227,227

$ 1,009,890

Unfunded commitments & guarantees

624,675

522,316

Total Broadband Infrastructure

$ 1,851,902

$ 1,532,206

Renewable Energy:

Loans and other securities

$ 2,565,023

$ 2,202,668

Unfunded commitments & guarantees

442,990

240,621

Total Renewable Energy

$ 3,008,013

$ 2,443,289

Total Infrastructure Finance

$ 13,126,554

$ 11,836,117

Total

$ 37,197,138

$ 33,351,569

The following table presents the quarterly net effective spread by segment:

Net Effective Spread

Agricultural Finance

Infrastructure Finance

Treasury

Farm &
Ranch

Corporate
AgFinance

Power &
Utilities

Broadband
Infrastructure

Renewable
Energy

Funding

Investments

Net Effective
Spread

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

(dollars in thousands)

For the quarter ended:

June 30, 2026

$ 40,063

$ 16,769

$ 6,962

$ 6,578

$ 10,773

$ 35,229

$ 1,064

$ 117,438

1.01 %

3.76 %

0.36 %

2.30 %

1.72 %

0.38 %

0.05 %

1.26 %

March 31, 2026

37,673

8,939

6,491

5,828

9,079

32,647

1,342

101,999

1.03 %

2.05 %

0.35 %

2.27 %

1.59 %

0.37 %

0.07 %

1.16 %

December 31, 2025

36,180

8,601

6,159

5,610

8,995

33,694

2,150

101,389

1.06 %

2.07 %

0.34 %

2.42 %

1.74 %

0.41 %

0.11 %

1.22 %

September 30, 2025

34,840

9,047

5,910

4,379

7,730

34,777

1,086

97,769

1.04 %

2.16 %

0.34 %

2.30 %

1.75 %

0.43 %

0.05 %

1.20 %

June 30, 2025

35,710

8,609

5,636

3,932

6,227

31,668

2,111

93,893

1.07 %

2.07 %

0.33 %

2.24 %

1.68 %

0.40 %

0.11 %

1.19 %

March 31, 2025

33,885

8,640

5,329

3,566

5,112

31,604

1,854

89,990

1.01 %

2.09 %

0.32 %

2.27 %

1.55 %

0.41 %

0.10 %

1.17 %

December 31, 2024

32,556

7,891

5,059

3,414

4,859

31,242

2,507

87,528

0.96 %

1.95 %

0.32 %

2.34 %

1.76 %

0.42 %

0.15 %

1.16 %

September 30, 2024

35,755

6,397

4,785

2,794

3,810

30,912

943

85,396

1.05 %

1.56 %

0.30 %

2.21 %

1.78 %

0.42 %

0.05 %

1.16 %

June 30, 2024

34,156

7,866

5,253

2,393

2,999

30,268

661

83,596

0.98 %

1.91 %

0.32 %

2.16 %

1.86 %

0.41 %

0.04 %

1.14 %

The following table presents quarterly core earnings reconciled to net income attributable to common stockholders (in thousands):

Core Earnings by Quarter Ended

June
2026

March
2026

December
2025

September
2025

June
2025

March
2025

December
2024

September
2024

June
2024

Revenues:

Net effective spread

$ 117,438

$ 101,999

$ 101,389

$ 97,769

$ 93,893

$ 89,990

$ 87,528

$ 85,396

$ 83,596

Guarantee and commitment fees

7,044

6,715

6,298

6,132

5,874

5,488

5,086

4,997

5,256

Other

742

1,185

224

1,185

742

1,315

(491)

1,133

386

Total revenues

125,224

109,899

107,911

105,086

100,509

96,793

92,123

91,526

89,238

Credit related expense/(income):

Provision for/(release of) losses

7,017

4,308

15,986

7,477

7,713

1,684

3,773

3,428

6,179

Other credit related expense/(income)

352

889

1,267

(44)

160

(33)

Total credit related expense/(income)

7,369

5,197

17,253

7,433

7,873

1,651

3,872

3,454

6,230

Operating expenses:

Compensation and employee benefits

23,706

21,257

18,199

17,743

17,631

17,752

15,641

15,237

14,840

General and administrative

11,591

11,262

11,944

11,052

10,859

10,758

12,452

8,625

8,904

Regulatory fees

862

863

1,000

725

Total operating expenses

36,159

33,382

31,006

29,795

29,490

29,510

29,093

24,587

24,469

Net earnings

81,696

71,320

59,652

67,858

63,146

65,632

59,158

63,485

58,539

Income tax expense

14,856

12,288

12,370

11,933

10,114

14,000

9,938

12,681

11,970

Preferred stock dividends

8,074

7,291

7,286

6,303

5,667

5,666

5,897

6,792

Core earnings

$ 58,766

$ 51,741

$ 39,996

$ 49,622

$ 47,365

$ 45,966

$ 43,554

$ 44,907

$ 39,777

Reconciling items:

Gains/(losses) on undesignated financial
derivatives due to fair value changes

$ 184

$ (679)

$ 447

$ 882

$ (639)

$ (2,573)

$ 3,084

$ (1,064)

$ (359)

Gains/(losses) on hedging activities due
to fair value changes

889

362

3,107

(137)

2,709

1,099

5,737

205

2,604

Unrealized gains/(losses) on trading
assets

(66)

(4)

(65)

(83)

(87)

Net effects of amortization of
premiums/discounts and deferred gains
on assets consolidated at fair value

(39)

Net effects of terminations or net
settlements on financial derivatives

(1,017)

335

(2,699)

(1,934)

255

(1,070)

534

(503)

(1,505)

Issuance costs on the retirement of
preferred stock

—

(1,619)

—

Income tax effect related to reconciling
items

(30)

(24)

(171)

245

(480)

526

(1,939)

260

(143)

Net income attributable to common
stockholders

$ 58,877

$ 51,832

$ 40,638

$ 48,700

$ 49,170

$ 43,985

$ 50,848

$ 42,312

$ 40,313

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SOURCE Farmer Mac

Technology

Socket Mobile Reports Second Quarter 2026 Results

Published

56 minutes ago

July 30, 2026

FREMONT, Calif., July 30, 2026 /PRNewswire/ — Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”) for the three and six months ended June 30, 2026.

Second Quarter 2026 Financial Highlights:

Revenue of $3.0 million, reflecting a 25% decrease compared to $4.0 million for the prior year’s quarter, and an 18% sequential decrease compared to $3.7 million for the preceding quarter.Gross margin of 46.4% versus 49.9% in the prior year’s quarter and 51.3% in the preceding quarter.Operating expenses of $2.6 million, compared to $2.7 million in the prior year period and the preceding quarter.Operating loss amounted to $1,195,000, compared to a $677,000 loss in the prior year’s quarter, and a loss of $760,000 in the preceding quarter.Cash balance as of June 30, 2026, was approximately $1.6 million, slightly lower from $1.7 million at March 31, 2026.

“Our second-quarter results reflect the continued challenges in the retail market,” said Dave Holmes, President and Chief Executive Officer. “While market conditions remain uncertain, we continue to focus on supporting our customers, executing our strategic priorities, and managing our business with financial discipline. We expect our cost management initiatives to continue throughout the remainder of the year as we align our operating expenses with current business conditions while maintaining our ability to support future growth opportunities.”

The Company continues to focus on expanding opportunities for its data capture solutions across multiple vertical markets while maintaining disciplined expense management. Management believes these actions position the Company to respond effectively as customer demand improves.

Conference Call
Management of Socket Mobile will hold a conference call today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly results and outlook for the future. Please attend the conference call using the information below:

Join Online: https://v.ringcentral.com/join/745700078
Meeting ID: 745700078

Dial-In: +1 (267) 930-4000
Access Code / Meeting ID: 745700078

International Dial-In Numbers: https://v.ringcentral.com/teleconference

About Socket Mobile, Inc.
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile’s revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif., and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on LinkedIn, Twitter, and keep up with our latest News and Updates.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computer and data collection products, including details on the timing, distribution, and market acceptance of the products, and statements predicting trends, sales, market conditions, and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.

Socket Mobile Investor Contact:

Lynn Zhao

Chief Financial Officer

510-933-3016

lynn@socketmobile.com

Socket Mobile is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.

– Financial tables to follow –

Socket Mobile, Inc.

Condensed Summary Statements of Operations (Unaudited)

(Amounts in thousands except per share amounts)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Revenue

$ 3,033

$ 4,042

$ 6,734

$ 8,008

Cost of revenue

1,625

2,024

3,428

3,992

Gross margin

1,408

2,018

3,306

4,016

Gross margin percent

46.4 %

49.9 %

49.1 %

50.2 %

Research & development

1,053

1,101

2,143

2,233

Sales & marketing

809

1,025

1,711

2,131

General & administrative

741

569

1,407

1,223

Total operating expenses

2,603

2,695

5,261

5,587

Operating loss

(1,195)

(677)

(1,955)

(1,571)

Interest expense, net

(151)

(115)

(291)

(215)

Income tax benefit (expense)

—

Net loss

$ (1,346)

$ (792)

$ (2,246)

$ (1,786)

Net loss per share:

Basic

$ (0.16)

$ (0.10)

$ (0.27)

$ (0.23)

Fully diluted

$ (0.16)

$ (0.10)

$ (0.27)

$ (0.23)

Weighted average shares outstanding:

Basic

Fully diluted

8,245

7,937

8,190

7,884

Socket Mobile, Inc.

Condensed Summary Balance Sheets

(Amounts in Thousands)

(Unaudited)

June 30, 2026

December 31, 2025*

Cash

$ 1,605

$ 2,032

Accounts receivable

1,170

1,711

Inventories

3,820

4,221

Deferred costs on shipments to distributors

111

122

Other current assets

548

Property and equipment, net

1,771

2,125

Intangible assets, net

1,241

1,305

Operating leases right-of-use assets

1,818

2,087

Other long-term assets

286

Total assets

$ 12,370

$ 14,437

Accounts payable and accrued liabilities

$ 1,733

$ 2,023

Subordinated convertible notes payable, net of discount

350

400

Subordinated convertible notes payable, net of discount-related party

5,490

5,083

Deferred revenue on shipments to distributors

304

336

Deferred service revenue

102

Operating lease liabilities

2,008

2,289

Total liabilities

$ 9,987

10,159

Common stock

70,220

69,870

Accumulated deficit

(66,799)

(64,554)

Treasury stock

(1,038)

Total equity

$ 2,383

4,278

Total liabilities and equity

$ 12,370

14,437

*Derived from audited financial statements.

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SOURCE Socket Mobile, Inc.

Technology

Supermicro Expands DCBBS with Precision-Engineered AI Rack Series to Accelerate Deployment and Time-to-Online

Published

56 minutes ago

July 30, 2026

Industry-leading quality, factory pre-assembly, and modular design facilitate rapid integration of systems and liquid cooling components, shortening Time-to-Online (TTO)Ten Rack models available in 44OU, 48U, 48OU, and 52U configurations for same-day data center integration to support a wide range of deployments Certified for up to over 5500 lb./2,500 kg static load capacity to maximize compute power per rack, enabling higher compute densities and optimal space utilization

SAN JOSE, Calif., July 30, 2026 /PRNewswire/ — Super Micro Computer, Inc. (NASDAQ: SMCI), an AI, Enterprise, Storage, and 5G/Edge Total IT Solution Provider featuring Data Center Building Block Solutions® (DCBBS), today announced a comprehensive portfolio of racks engineered specifically for mission-critical, high-density AI data center deployments. The ORv3 standard allows Supermicro to offer customers a range of racks which simplify the integration of liquid cooling solutions for high compute-density systems, resulting in a reduction in the Total Cost of Ownership (TCO). Supermicro DCBBS racks are tested and then delivered in shock and vibration tested crates as part of Supermicro’s DCBBS portfolio. These workload-optimized rack -and cluster-scale solutions are validated and ready to power on day one.

“AI infrastructure starts with the right foundation, and our purpose-built rack portfolio is engineered to accelerate every stage of deployment,” said Charles Liang, president and CEO of Supermicro. “As a key component of our DCBBS technologies, these high-density, liquid-cooling-optimized racks enable customers to deploy AI clusters faster, maximize compute density, improve reliability, and reduce total cost of ownership. Our manufacturing scale enables us to deliver up to 3,000 of these advanced racks per month, including 2,000 liquid-cooled racks from our facilities around the world for immediate deployment into existing and new data centers. The racks are Plug-and-Play ready for immediate installation in the customers data center.”

Learn more about Supermicro’s rack portfolio here and in this video summary.

By implementing standardized, fully modular architectures, factory pre-assembly, and optimized logistics, Supermicro can eliminate complex integration and deployment of bottlenecks. Backed by Supermicro Rack Integration Services and modular DCBBS portfolio Supermicro is capable of delivering complete, rack-scale data center infrastructure solutions at scale, streamlining deployment which gives customers a reduced Time-to-Online (TTO). Engineered entirely in-house by Supermicro, all racks feature a reinforced chassis with a certified static load capacity of up to 5500 lb/ 2,500 kg—significantly exceeding typical industry standards. This robust architecture reliably supports the extreme weight of rack-scale clusters that comprise fully populated GPU-accelerated systems, power delivery systems, and liquid-cooling components, ensuring uncompromising structural reliability for mission-critical environments. Leveraging premium-grade materials and high-precision manufacturing processes, Supermicro’s rigorous quality assurance includes seismic and vibration qualification headlined by GR-63-CORE Zone 4 testing to verify stability under the most intense operational stresses.

Optimized to support advanced liquid cooling, the designs support effortless integration with in-rack and in-row CDUs, sidecars, rear-door heat exchangers (RDHx), and liquid cooling manifolds. Dedicated, clearly separated pathways for coolant supply and return lines ensure optimized routing for enhanced efficiency and serviceability, as well as complete isolation of power and network cabling to prevent signal interference.

Portfolio Overview:

NVIDIA Vera Rubin/GB300 Platform (MGX): 48U and 52U racks available in both 750mm and 600mm widths with integrated busbars

OCP ORv3 Platform: 44OU and 48OU 21-inch racks with integrated busbars

EIA Standard Platform: 48U and 52U 19-inch racks

DCBBS delivers complete, modular AI infrastructure built from validated components and subsystems, enabling flexible deployment from individual servers and networking to full rack-scale and data center-level solutions, including software and services.

Supermicro continues to lead the industry with its comprehensive portfolio of AI infrastructure solutions, enabling organizations worldwide to deploy scalable, efficient, and environmentally responsible AI data centers. The entire Supermicro Rack Series is available now. To learn more about Supermicro’s rack-scale solutions and rack integration capabilities, contact your Supermicro representative or visit https://www.supermicro.com/en/solutions/dcbbs.

Supermicro’s wide range of rack offerings is now available worldwide from our manufacturing facilities in Silicon Valley, the Netherlands, and Taiwan.

About Super Micro Computer, Inc.

Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions provider with server, AI, storage, IoT, switch systems, software, and support services. Supermicro’s motherboard, power, and chassis design expertise further enables our development and production, enabling next-generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).

Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.

All other brands, names, and trademarks are the property of their respective owners.

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SOURCE Super Micro Computer, Inc.

Technology

FIRST FINANCIAL BANKSHARES ANNOUNCES 2026 SHARE REPURCHASE PLAN

Published

56 minutes ago

July 30, 2026

ABILENE, Texas, July 30, 2026 /PRNewswire/ — First Financial Bankshares, Inc. (NASDAQ: FFIN) (the “Company,” “we,” “us,” or “our”) has announced the renewal and increase in the size of its share repurchase plan through July 31, 2027. Pursuant to the renewed plan, the Company may repurchase up to 7,200,000 shares of its common stock, representing approximately 5 percent of the Company’s outstanding shares as of July 28, 2026. The Board of Directors previously authorized the repurchase of up to 5,000,000 shares of common stock through July 31, 2026.

The share repurchase plan authorizes management to repurchase shares at such time and price as repurchases are considered beneficial to the Company and its stockholders. Any repurchase of shares will be made through the open market, block trades, or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase.

“First Financial continues to maintain one of the strongest capital positions in the banking industry, and we believe having a share repurchase plan in place serves the best interests of our shareholders by allowing us to repurchase shares when we believe they are attractively priced,” said David Bailey, President and CEO of First Financial Bankshares, Inc. “The renewal of this plan reflects our board’s confidence in the Company’s outlook.”

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, operates multiple banking regions with 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Wealth Management, with nine locations and First Technology Services, Inc., a technology operating company.

The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at https://www.ffin.com.

Certain statements contained herein may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company’s management, as well as assumptions made beyond information currently available to the Company’s management, and may be, but not necessarily are, identified by such words as “expect,” “plan,” “anticipate,” “target,” “forecast,” “project,” and “goal.” Because such “forward-looking statements” are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company’s expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; economic impact of oil and gas prices, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company’s reports filed with the Securities and Exchange Commission, which may be obtained under “Investor Relations-Documents and Filings” on the Company’s Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.

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SOURCE First Financial Bankshares, Inc.