Farmer Mac Reports '05 Profits

The Federal Agricultural Mortgage Corp., Washington, has reported net income of $27.3 million ($2.37 per share) for 2005, compared with $28.2 million ($2.32 per share) for 2004.For the fourth quarter, Farmer Mac's net income totaled $6.5 million ($0.57 per share), compared with $9.8 million ($0.82 per share) in the fourth quarter of 2004. "Farmer Mac's strategic diversification of its marketing focus is beginning to produce tangible results," said Henry D. Edelman, Farmer Mac's president and chief executive officer. "Fourth-quarter 2005 new business volume was $330.5 million, which accounted for 43% of the year's $771.7 million of new volume and was 280% of the $117.4 million of new volume in the corresponding quarter of 2004." The government-sponsored enterprise can be found online at http://www.farmermac.com.