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CU System
Corporate One has 3.5M OTTI loss in December
COLUMBUS, Ohio (2/1/10)--Corporate One FCU reported its unaudited financials for December, noting that it had a $3.5 million loss on its other-than-temporary-impairment (OTTI) charges in its securities portfolio. However, it has no further capital exposure in U.S. Central, and its total capital position is $167.7 million. December's losses bring the total losses for 2009 to $42.3 million, according to the corporate's financial statements. That compares to last year's losses of $72.6 million. Corporate One continues to have strong core earnings (earnings exclusive of write-downs on its securities and U.S. Central capital accounts). For the 12 months ended Dec. 31, core earnings totaled $14.9 million. "Corporate One remains unique in that our members' capital accounts have not been depleted, thanks to our positive RUDE [reserves and undivided earnings] position," said President/CEO Lee C. Butke in the report's executive summary. And, he emphasized, "we continue to believe that we will not have to ask members to impair their capital with us in the future..." The report cited several reasons. In addition to the lack of further capital exposure in U.S. Central, and its strong core earnings, the corporate still receives strong support from its members, with nearly $5 billion in assets under management, and it has added eight new members during fourth quarter. Also, the corporate's accumulated other comprehensive loss was reduced to $255.7 million as of Dec. 31--from $504.2 million on that date in 2008. Corporate One has budgeted more than $9 million in core earnings (35 basis points) for 2010. "Our total capital position includes our RUDE at $23.6 million, paid-in-capital at $25.7 million and Membership Capital Shares at $118.4 million, bringing the total capital to $167.7 million," the report said. To access the full report, use the resource link.
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