Farmer Mac Earnings Rise

The Federal Agricultural Mortgage Corp., Washington, D.C., has reported net income of $1.8 million for the second quarter, compared with $1.3 million a year ago.The net income included tax benefits of $325 thousand, related to the future use of previously deferred tax benefits. Diluted earnings per share amounted to $0.16 for class A and B common stock and $0.48 for class C common stock. Farmer Mac president and CEO Henry D. Edelman said loan purchases increased to $127.5 million in the second quarter, up from $91.3 million a year ago. "Mandatory commitments to purchase loans totaled $108 million and agricultural mortgage-backed securities issuances were $88.8 million," Mr. Edelman said. Loan performance also improved this quarter, as delinquencies declined to 0.71% of the outstanding balance of Farmer Mac I guaranteed securities and loans held for securitization. In the first quarter, delinquencies were at 0.92%. Farmer Mac's website address is http://www.farmermac.com.