Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Corporate One ends 2010 with 12M in net income
COLUMBUS, Ohio (2/11/11)--Corporate One FCU reported its unaudited financials for December 2010, noting a turnaround to a net income of $12.1 million--exceeding its budget by $9.64 million--and a 0.36% return on assets at the end of the year. That compares with last year's $42.3 million loss generated by other-than-temporary-impairment (OTTI) charges in its securities portfolio and a -1.10% ROA year to date at the end of 2009. The global economic conditions corporates have faced the past three years continue to impact the Columbus, Ohio-based corporate's financial position. However, its "diversified investing, fee income from a strong suite of brokerage and correspondent services and conscientious spending have allowed us to weather these tough times," said Corporate One in its Unaudited Financial Statements posted on the corporate's website. As of Dec. 31, it marked a positive Reserves and Undivided Earnings (RUDE) position at $35.43 million. "Our members' capital shares and paid-in capital remain intact," said the financial statement. The corporate's assets at the end of 2010 totaled $2.88 billion, compared with nearly $3.3 billion at year-end 2009. Regulatory capital ratio was 5.39% at the end of 2010, just above the regulatory minimum required of 5%. Total regulatory capital, at $182.9 million, was a 9% or $15.2 million increase since Dec. 31, 2009, said the corporate. That includes the $35.43 million RUDE, membership capital shares (MCS) of $122.14 million and paid-in-capital (PIC) of $25.33 million. The increase in capital was attributed strong core earnings, gains on sales of securities, MCS from new members and increased capital from existing members. Total capital was reduced in November when the National Credit Union Administration redeemed about $900,000 in PIC and MCS related to a liquidated credit union and by $7.6 million in OTTI charges on securities. Its unrealized loss on securities is $166.4 million compared with the year before, which totaled $255,7 million.


RSS





print
News Now LiveWire
Construction spending drops in January, according to @CommerceGov http://t.co/W9J1mDyF8X #Market #NewsNow
2 hours ago
During Nat'l Consumer Protection Week, @TheNCUA reminds #CU members of agency resources re: rights as consumers. http://t.co/aYgW1HoDmF
4 hours ago
.@TransUnion: #millennials climbing into driver's seat with loans http://t.co/S4H9OIB3Av
5 hours ago
Breaking at #NewsNow: @CUNA backed bill introduced by @RepEdRoyce @GregoryMeeks would raise MBL cap. #CUSmallBiz http://t.co/ZDAb2UMoQz
6 hours ago
Loan growth at federally insured #creditunions in 2014 climbed to highest level since 2005, @TheNCUA reported today. Watch News Now Tues.
6 hours ago