The Federal Agricultural Mortgage Corp., Washington, has reported net income of $28.2 million ($2.32 per share) for 2004, compared with $25.0 million ($2.08 per share) for 2003.For the fourth quarter, Farmer Mac's net income totaled $9.8 million ($0.82 per share), compared with $4.9 million ($0.40 per share) in the fourth quarter of 2003. Henry D. Edelman, Farmer Mac's president and chief executive officer, said 90-day delinquencies in the company's portfolio remained at low levels as of Dec. 31, totaling $25.3 million, or 0.55% of the portfolio.

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