The Federal Agricultural Mortgage Corp., Washington, has reported net income of $21.3 million ($1.77 per share) for 2002, and said the figure was reduced by $2.5 million by the impact of Financial Accounting Standard 133.Farmer Mac's net income for the prior year was $16.3 million, the company said. However, fourth-quarter net income available to common stockholders declined from $5.5 million in the fourth quarter of 2001 to $2.8 million in the fourth quarter of 2002, reflecting in part the impact of accounting-related charges. Excluding extraordinary gains and losses, net income was $4.4 million in the fourth quarter. New business volume grew by $2 billion, a 38% increase over the previous year, Farmer Mac said.
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