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Companies FEDERAL AGRICULTURAL MORTGAGE CORP

FEDERAL AGRICULTURAL MORTGAGE (AGM): executive pay, fiscal 2025

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CEO total pay$4,025,608CEO Bradford Nordholm · source
Say-on-pay support90.02%Latest vote · source
CEO vs. named peers43rd pct.Of 30 peer CEOs

CEO pay, last three years

  • $5,631,233FY2023
  • $3,260,876FY2024
  • $4,025,608FY2025

CEO total pay was $4,025,608 in fiscal 2025, up from $3,260,876 in fiscal 2024.

FY2025: salary $800,000 · stock awards $1,193,677 · option awards $393,412

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Bradford Nordholm$800,000—$1,193,677$393,412$1,397,967—$240,552$4,025,608
Chief Executive Officer
Zachary Carpenter498,577—359,982118,691622,485—120,8211,720,556
President and Chief Operating Officer
Stephen Mullery500,000—468,45181,352296,992—113,7041,460,499
Senior Vice President – Legal Advisor
Brian Brinch450,000—151,91249,966279,893—88,2991,020,070
Executive Vice President – Chief Risk Officer
Aparna Ramesh336,519—359,982118,691——91,488906,680
former Executive Vice President – Chief Financial Officer and Treasurer
Gregory Ramsey387,163081,2080201,905075,520745,796
Vice President and Chief Accounting Officer
Matthew Pullins14,8080275,1490275,00001,955566,912
Executive Vice President – Chief Financial Officer and Treasurer
Geraldine Hayhurst129,808000250,000017,135396,943
Executive Vice President – Chief Legal Officer and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Bradford Nordholm$4,025,608$3,260,876$5,631,233↑ +764,732
Zachary Carpenter1,720,5561,320,7071,501,527↑ +399,849
Stephen Mullery1,460,4991,058,3181,175,905↑ +402,181
Brian Brinch1,020,070———
Aparna Ramesh906,6801,338,1831,448,356↓ −431,503
Gregory Ramsey745,796———
Matthew Pullins566,912———
Geraldine Hayhurst396,943———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Farmer Mac's total compensation philosophy is designed to maintain a compensation program that fosters a performance-oriented, results-based culture where compensation varies based on the business results achieved and is properly aligned with an acceptable risk profile, effective risk management, and stockholder returns. The program aims to attract, retain, and reward employees with the skills required to accomplish business objectives while balancing risk profile with both annual and long-term incentives.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Gregory RamseyPSU2025-03-06—402—402$81,208
Matthew PullinsPSU2025-12-11—1,491—1,491275,149

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gregory Ramsey$0$81,208$0100.0%
Matthew Pullins0275,1490100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
MayRSU2,024—$2,025
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Lowell L. JunkinsIndependent · Board Chair · Corporate Governance (Chair) · Enterprise Risk · Public Policy and Corporate Social Responsibility$119,000$75,956——$2,648$197,604
LaJuana S. WilcherIndependent · Public Policy and Corporate Social Responsibility94,00075,956——2,648172,604
Charles A. StonesIndependent · Audit (Chair)86,50075,956——2,648165,104
Todd P. WareIndependent · Corporate Governance · Enterprise Risk (Chair) · Human Capital and Compensation84,00075,956——2,648162,604
Amy H. GalesIndependent · Business Development and Business Strategy · Finance79,00075,956——2,648157,604
Sara L. FaivreIndependent · Business Development and Business Strategy (Chair) · Human Capital and Compensation · Public Policy and Corporate Social Responsibility79,00075,956——2,648157,604
Eric T. Mc KissackIndependent78,43775,956——2,648157,041
Richard H. DavidsonIndependent · Corporate Governance · Human Capital and Compensation (Chair) · Not standing for re-election78,43775,956——2,648157,041
James R. EngebretsenIndependent · Audit · Human Capital and Compensation74,60475,956——2,648153,208
Mitchell A. JohnsonIndependent · Business Development and Business Strategy · Finance · Not standing for re-election69,00075,956——2,648147,604
Robert G. SextonIndependent · Corporate Governance · Finance69,00075,956——2,648147,604
Jeffrey L. PlaggeIndependent · Audit · Public Policy and Corporate Social Responsibility69,00075,956——1,739146,695
Kevin G. RielIndependent · Business Development and Business Strategy · Enterprise Risk69,00075,956——1,739146,695
Chester J. CulverNot independent · Departed during FY59,25075,956——3,553138,759
Daniel L. ShawIndependent · Enterprise Risk52,90069,080——0121,980
Roy H. TiarksNot independent · Departed during FY8,1670——1,7989,965
Dale E. CrawfordIndependent · Newly elected——————
Eric T. McKissackIndependent · Audit · Corporate Governance · Finance (Chair)——————
Lyle LoganIndependent · Newly elected——————

Board fee structure and ownership guideline

Annual cash retainer$69,000
Annual equity retainer$75,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)17,500 / 15,000 / 15,000
Stock ownership guideline$138,000

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,169,295
Equity awards (grant-date value)$1,132,464
All other compensation$37,957
Total cost of the board$2,339,716

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names FEDERAL AGRICULTURAL MORTGAGE as a peer

Companies that benchmark against AGM

1 company names AGM as a compensation peer

The list of companies that name AGM as a peer is temporarily unavailable — recheck shortly.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies FEDERAL AGRICULTURAL MORTGAGE CORP names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including FEDERAL AGRICULTURAL MORTGAGE CORP.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1UMB Financial Corporation2025J. Mariner Kemper$1,172,657$5,499,760$0$3,414,600$10,350,577
2Old National Bancorp2025James C. Ryan, III1,263,8773,910,77502,038,0027,633,279
3Pinnacle Financial Partners, Inc.2025M. Terry Turner1,256,0003,273,59801,961,8296,611,454
4Commerce Bancshares, Inc.2025John Kemper1,047,7422,926,20902,313,1086,498,082
5United Community Banks, Inc.2025H. Lynn Harton1,125,0002,723,79202,179,2126,188,713
6Fulton Financial Corporation2025Curtis Myers1,016,9232,558,16201,469,3525,184,944
7First Interstate BancSystem, Inc.2025James Reuter1,000,0002,534,83201,044,0004,615,009
8Simmons First National Corporation2025George Makris Jr.1,000,0001,445,40201,676,7164,379,185
9FEDERAL AGRICULTURAL MORTGAGE CORP2025Bradford Nordholm800,0001,193,677393,4121,397,9674,025,608
10Glacier Bancorp, Inc.2025Randall Chesler1,039,8601,363,94701,076,4503,661,972
11Trustmark Corporation2025Duane Dewey896,000991,90401,507,4733,635,690
12Prosperity Bancshares, Inc.2025David Zalman1,120,187217,1440688,2843,434,273
13First Financial Bankshares, Inc.2025F. Scott Dueser1,201,042899,9670945,9253,356,547
14Heartland Financial USA, Inc.2023Bruce Lee887,5001,351,1030386,0552,802,714
15First Merchants Corporation2025Mark Hardwick826,538787,2900657,9242,398,488

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
FEDERAL AGRICULTURAL MORTGAGE CORPnot disclosedRSU 50 · PRSU 25 · SAR 25not disclosedAon
Commerce Bancshares, Inc.183.6%not disclosednot disclosedAon
First Financial Bankshares, Inc.not disclosednot disclosedNoPearl Meyer
First Interstate BancSystem, Inc.not disclosedPSU 60 · RSU 40NoPearl Meyer
First Merchants Corporation99%RSU 100not disclosedAon
Fulton Financial Corporation144.49%PRSU 65 · RSU 35Yes — Relative TSR to 2025 Peer GroupFrederic W. Cook & Co., Inc.
Glacier Bancorp, Inc.138.09%RSU 100NoAon
Heartland Financial USA, Inc.43%PSU 60 · RSU 40NoAon
Old National Bancorp129%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)WTW
Pinnacle Financial Partners, Inc.not disclosedPSU 70 · RSU 30NoMcLagan
Prosperity Bancshares, Inc.40%RSU 100not disclosednot disclosed
Simmons First National Corporationnot disclosedRSU 50 · PSU 50Yes — Relative Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Trustmark Corporation181%PSU 50 · RSU 50Yes — Total Shareholder Return (TSR) relative to peer groupPearl Meyer
UMB Financial Corporationnot disclosedPSU 60 · RSU 40Nonot disclosed
United Community Banks, Inc.not disclosedPSU 60 · RSU 40NoAon

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-14918,463101,86175,96090.02%Passed
20252025-05-15923,5604,090215,12999.56%Passed
20242024-05-16950,849750205,16699.92%Passed
20232023-05-181,012,5211,188165,36199.88%Passed
20222022-05-19969,4494,188101,88399.57%Passed
20212021-05-13850,6975,387203,47699.37%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-1490.02%a
20252025-05-1599.56%b
20242024-05-1699.92%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (64 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Bradford Nordholm. DEF 14A, filed 2026-04-13. Section “Executive Compensation”. As printed: 4,025,608. View filing ↗
  • Section 01, Zachary Carpenter. DEF 14A, filed 2026-04-13. Section “Executive Compensation”. As printed: 1,720,556. View filing ↗
  • Section 01, Stephen Mullery. DEF 14A, filed 2026-04-13. Section “Executive Compensation”. As printed: 1,460,499. View filing ↗
  • Section 01, Brian Brinch. DEF 14A, filed 2026-04-13. Section “Executive Compensation”. As printed: 1,020,070. View filing ↗
  • Section 01, Aparna Ramesh. DEF 14A, filed 2026-04-13. Section “Executive Compensation”. As printed: 906,680. View filing ↗
  • Section 01, Gregory Ramsey. DEF 14A, filed 2026-04-13. Section “Executive Compensation”. As printed: 745,796. View filing ↗
  • Section 01, Matthew Pullins. DEF 14A, filed 2026-04-13. Section “Executive Compensation”. As printed: 566,912. View filing ↗
  • Section 01, Geraldine Hayhurst. DEF 14A, filed 2026-04-13. Section “Executive Compensation”. As printed: 396,943. View filing ↗
  • Section 03, Gregory Ramsey PSU. DEF 14A, filed 2026-04-13. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Pullins PSU. DEF 14A, filed 2026-04-13. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 08, Lowell L. Junkins. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 197,604. View filing ↗
  • Section 08, LaJuana S. Wilcher. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 172,604. View filing ↗
  • Section 08, Charles A. Stones. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 165,104. View filing ↗
  • Section 08, Todd P. Ware. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 162,604. View filing ↗
  • Section 08, Amy H. Gales. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 157,604. View filing ↗
  • Section 08, Sara L. Faivre. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 157,604. View filing ↗
  • Section 08, Eric T. Mc Kissack. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 157,041. View filing ↗
  • Section 08, Richard H. Davidson. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 157,041. View filing ↗
  • Section 08, James R. Engebretsen. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 153,208. View filing ↗
  • Section 08, Mitchell A. Johnson. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 147,604. View filing ↗
  • Section 08, Robert G. Sexton. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 147,604. View filing ↗
  • Section 08, Jeffrey L. Plagge. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 146,695. View filing ↗
  • Section 08, Kevin G. Riel. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 146,695. View filing ↗
  • Section 08, Chester J. Culver. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 138,759. View filing ↗
  • Section 08, Daniel L. Shaw. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 121,980. View filing ↗
  • Section 08, Roy H. Tiarks. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: 9,965. View filing ↗
  • Section 08, Dale E. Crawford. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 08, Eric T. McKissack. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 08, Lyle Logan. DEF 14A, filed 2026-04-13. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-18. Item 5.07 · say-on-pay result. As reported: 90.02% (votes for as printed: 918,463). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-21. Item 5.07 · say-on-pay result. As reported: 99.56% (votes for as printed: 923,560). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-21. Item 5.07 · say-on-pay result. As reported: 99.92% (votes for as printed: 950,849). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 1,169,295 + equity 1,132,464 + all other 37,957 = 2,339,716, summed across the director compensation table rows.
  • UMB Financial Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-12. CEO total compensation as printed in UMB Financial Corporation's own proxy. As printed: 10,350,577. View filing ↗
  • Old National Bancorp, Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Old National Bancorp's own proxy. As printed: 7,633,279. View filing ↗
  • Pinnacle Financial Partners, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Pinnacle Financial Partners, Inc.'s own proxy. As printed: 6,611,454. View filing ↗
  • Commerce Bancshares, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Commerce Bancshares, Inc.'s own proxy. As printed: 6,498,082. View filing ↗
  • United Community Banks, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in United Community Banks, Inc.'s own proxy. As printed: 6,188,713. View filing ↗
  • Fulton Financial Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Fulton Financial Corporation's own proxy. As printed: 5,184,944. View filing ↗
  • First Interstate BancSystem, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in First Interstate BancSystem, Inc.'s own proxy. As printed: 4,615,009. View filing ↗
  • Simmons First National Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Simmons First National Corporation's own proxy. As printed: 4,379,185. View filing ↗
  • FEDERAL AGRICULTURAL MORTGAGE CORP (subject), Section 10b CEO total. DEF 14A, filed 2026-04-13. CEO total compensation as printed in FEDERAL AGRICULTURAL MORTGAGE CORP's own proxy. As printed: 4,025,608. View filing ↗
  • Glacier Bancorp, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-12. CEO total compensation as printed in Glacier Bancorp, Inc.'s own proxy. As printed: 3,661,972. View filing ↗
  • Trustmark Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Trustmark Corporation's own proxy. As printed: 3,635,690. View filing ↗
  • Prosperity Bancshares, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Prosperity Bancshares, Inc.'s own proxy. As printed: 3,434,273. View filing ↗
  • First Financial Bankshares, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-06. CEO total compensation as printed in First Financial Bankshares, Inc.'s own proxy. As printed: 3,356,547. View filing ↗
  • Heartland Financial USA, Inc., Section 10b CEO total. DEF 14A, filed 2024-04-09. CEO total compensation as printed in Heartland Financial USA, Inc.'s own proxy. As printed: 2,802,714. View filing ↗
  • First Merchants Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in First Merchants Corporation's own proxy. As printed: 2,398,488. View filing ↗
  • Section 10a, Heartland Financial USA, Inc. reciprocity. DEF 14A. Heartland Financial USA, Inc.'s most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, First Financial Bankshares, Inc. reciprocity. DEF 14A. First Financial Bankshares, Inc.'s most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, Glacier Bancorp, Inc. reciprocity. DEF 14A. Glacier Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, Commerce Bancshares, Inc. reciprocity. DEF 14A. Commerce Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, First Interstate BancSystem, Inc. reciprocity. DEF 14A. First Interstate BancSystem, Inc.'s most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, Fulton Financial Corporation reciprocity. DEF 14A. Fulton Financial Corporation's most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, Prosperity Bancshares, Inc. reciprocity. DEF 14A. Prosperity Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, UMB Financial Corporation reciprocity. DEF 14A. UMB Financial Corporation's most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, Trustmark Corporation reciprocity. DEF 14A. Trustmark Corporation's most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, Old National Bancorp reciprocity. DEF 14A. Old National Bancorp's most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, Simmons First National Corporation reciprocity. DEF 14A. Simmons First National Corporation's most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, First Merchants Corporation reciprocity. DEF 14A. First Merchants Corporation's most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, United Community Banks, Inc. reciprocity. DEF 14A. United Community Banks, Inc.'s most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
  • Section 10a, Pinnacle Financial Partners, Inc. reciprocity. DEF 14A. Pinnacle Financial Partners, Inc.'s most recent proxy was read; its disclosed peer group does not include FEDERAL AGRICULTURAL MORTGAGE CORP. View filing ↗
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