NEW YORK -- The Farm Credit System reported combined net income of $201 million for the second quarter of 1992, compared with $214 million in the corresponding period a year earlier.

Net income for the nationwide system of federally chartered agricultural lending cooperatives totaled $481 million for the first six months of 1992, compared with $423 million for the first half of 1991.

Results for the 1992 periods included a $28 million charge for estimated nonrecurring costs related to the merger of two banks in the system. The costs are expected to be incurred over the next three years.

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