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CU System
Corporate One reports loss in first-half 2009
COLUMBUS, Ohio (7/31/09)--Corporate One FCU Wednesday reported an $8.2 million first-half 2009 net loss in income. The corporate said the loss stems mostly from impairment charges taken in May 2009 on mortgage-backed securities. The loss is before the net recovery of the National Credit Union Shared Insurance Fund (NCUSIF) deposit and premium assessment. The estimated impairment loss of $17.1 million represents the estimated credit loss on 30 of its mortgage related securities, the corporate said. The Columbus, Ohio-based corporate said its net income loss is a decrease of $21 million from the same period in 2008. Corporate One had losses at mid-year of $332.1 million on its total book value of $4.132 billion of securities. Roughly $222 million--or two thirds of that loss--are attributable to mortgage-backed securities. However, the corporate is reporting a positive budget variance in net income of $1.7 million for June 30, 2009, year-to-date before other-than-temporary impairment charges and the net recovery of the NCUSIF deposit and premium assessment. Also, net interest income was about $628,000 greater than budget for the first-half 2009. For more information, use the link.
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