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Southwest Corporate restates financials for 2008
DALLAS (6/4/09)--Southwest Corporate FCU in Dallas has announced its restated unaudited financials for 2008, which shows its net loss for the year at $624.3 million. That compares with a $7.9 million loss reported originally. Additional other-than-temporary impairment charges accounted for nearly $490 million and reduction in U.S. Central FCU capital accounted for $127.2 million in losses. Southwest Corporate has nearly $129.9 million in membership capital shares remaining at U.S. Central and is awaiting the completion of U.S. Central's audit to finalize conclusions on the impairment of capital at U.S.Central, it said in its April financial statements. The $10.4 billion asset corporate said the losses eliminate the $317 million in retained earnings it reported previously, but changes in accounting rules reflect retained earnings totaling $10.5 million as of April 31. Distressed mortgage-backed securities (MBS) contributed $479.9 million in losses and additional $9.9 million impairment on Lehman Brothers' corporate bonds, effective Dec. 31, 2008. Members' capital accounts were more than $394 million, and total capital as of April 30, was $404.5 million. The corporate credit union's capital ratio as of April 30 was 4.08% with the retained earnings ratio at 0.11%. That compares a 6.46% capital ratio and a 3% retained earnings ratio on Nov. 30, 2008. Southwest Corporate's net income for the four months ending April 30 totaled $9.8 million, a decrease of $11.12 million over the same period in 2008. Return on assets was 0.36%.
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