The Federal Agricultural Mortgage Corp., Washington, has reported net income of $25.1 million ($1.77 per share) for 2003, compared with $21.3 million ($2.08 per share) for 2002.For the fourth quarter, Farmer Mac's net income totaled $4.9 million ($0.40 per share), compared with $2.8 million ($0.23 per share) in the fourth quarter of 2002. Henry D. Edelman, Farmer Mac's president and chief executive officer, said 90-day delinquencies in the company's portfolio as of Dec. 31 were at their lowest levels in more than two years as a result of credit risk management efforts and increasing strength in the U.S. agricultural economy.

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