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
Southeasts member capital not impacted by Sept. OTTI
TALLAHASSEE, Fla. (10/21/10)--Membership capital at Southeast Capital FCU will not be impacted by an $873,063 additional other than temporary impairments (OTTI) recorded in September, announced the corporate Wednesday. With the additional OTTI from September, Southeast’s year-to-date earnings total $321,902. The corporate’s September financials are located on its website. They detail that Southeast recorded $53,102 in earnings in September, and then recorded the $873,063 OTTI, resulting in a net loss for the month of $819,961. Retained earnings were sufficient to cover the OTTI, the corporate said in a member bulletin. Year-to-date, Southeast’s OTTI totals $1.7 million, including OTTI the corporate recorded in June and in September. “Continuing to improve operating efficiencies is helping to build our retained earnings, which serve as first loss protection for membership capital, which totaled $58.7 million as of Sept. 30,” said Southeast President/CEO Brad Miller. “Going forward, our goal is to continue to improve earnings and efficiencies while providing transparency in our financial position,” he said. “The timing and amount of any future losses coupled with adherence to the new corporate rule will ultimately determine the impact to retained earnings and membership capital,” he said.
Other Resources

RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
12 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
16 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
17 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
17 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
18 hours ago