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Southeast Corporate weathered 2007 well report says
TALLAHASSEE, Fla. (5/2/08)--Despite turmoil in financial markets in 2007, Southeast Corporate FCU had a solid year, according to its 2007 annual report. “Although no institution can claim to be entirely insulated from the distress in the financial markets, Southeast was well-positioned to weather the storm,” wrote Linda S. Darling, Southeast financial officer, in the Financial Officer’s Report section of the annual report. “By adhering to conservative risk-management practices in this difficult operating environment, the corporate experienced an exemplary year.” In 2007, net income rose to $6.3 million, a 70% increase compared with 2006. The increase was driven by a 21% improvement in interest income and a 10% increase in fee income, Darling noted. The combination of these two categories more than offset the 8.3% rise in non-interest expenses, she added. Also in 2007, Southeast Corporate’s Member Business Solutions credit union service organization underwrote more than $194 million in business loans for member credit unions, a 75% increase over 2006 volume. The significant rise in net income fueled an increase in Southeast’s capital, Darling wrote. Retained earnings rose to $112.3 million, an increase of 6% compared with $106 million. Total capital increased to $213.6 million, up from $207.5 million at the end of 2006, she added.
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