0000845877-26-000093
SEC filingQ1 2026 净收入同比增长 19%，核心盈利稳健，业务量增长强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net interest income | $101.40M | $90.94M | +11% |
| Net effective spread | $102.00M | $89.99M | +13% |
| Provision for losses | $4.31M | $1.68M | +156% |
| Operating expenses | $33.38M | $29.51M | +13% |
| Net income | $59.12M | $49.65M | +19% |
| Diluted EPS | $4.75 | $4.01 | +18% |
| Effective tax rate | 17.2% | 21.3% | -410 bps |
Q1 2026 业绩表现强劲，净收入同比增长 19%，主要受净利息收入增长 11% 和净有效利差增长 13% 驱动。增长主要来自业务量扩张，尤其是 Farm & Ranch 和 Infrastructure Finance 板块。净有效利差收益率同比下降 1bp 至 1.16%，主要受利率环境和业务组合变化影响。
盈利质量方面，拨备支出同比增加 $2.6M，主要反映新业务增长和信用迁移，但整体信用质量仍可控。运营费用同比增长 13%，主要因员工人数和奖金增加，但费用率仍处于合理水平。有效税率下降至 17.2%，主要受益于可再生能源税收抵免的购买。
| 分部 | 营收 | 同比 | 核心盈利 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Farm & Ranch | $168.99M | +13% | $25.86M | 15.3% | 贷款和 AgVantage 证券业务量增长 |
| Corporate AgFinance | $25.17M | 0% | $3.72M | 14.8% | 业务量小幅增长，利润率略降 |
| Power & Utilities | $73.86M | +14% | $4.47M | 6.1% | 业务量增长，利润率较低 |
| Broadband Infrastructure | $16.12M | +49% | $3.94M | 24.4% | 业务量强劲增长，利润率较高 |
| Renewable Energy | $31.96M | +57% | $5.97M | 18.7% | 业务量大幅增长，利润率较高 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $773.9M | -$157.1M |
| Investment securities | $18.22B | +$0.67B |
| Loans, net of allowance | $17.21B | +$0.89B |
| Notes payable | $32.24B | +$1.41B |
| Total assets | $36.73B | +$1.36B |
| Operating cash flow | $92.05M | +$141.9M |
| Capital expenditures | — | — |