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U.S. Central January net income at 9.2 million
LENEXA, Kan. (3/4/09)--U.S. Central recorded net income of $9.2 million during the month of January, according to the January 2009 financials posted Monday on its website. Some of U.S. Central's available-for-sale investment securities improved. Accumulated other comprehensive income (AOCI) on the balance sheet reflected an unrealized loss of $5.9 billion--down from $6 billion in December. The $100 million improvement resulted from tightened spreads during the month for asset-backed securities supported by credit card and student loan receivables. Member balances, consisting of share and certificate accounts and Fed Funds purchased, as applicable, averaged $23.1 billion, compared with $35.3 billion during January 2008. Net interest income totaled $12.8 million in January, compared with $18.9 million in December. In January, the National Credit Union Administration announced its $1 billion capital infusion into U.S. Central to assist with the announced 2008 other-than-temporary impairment charge. That brought U.S. Central's total regulatory capital to 6.326% for January, up from 3.756% in December. The new paid-in-capital was funded by the National Credit Union Share Insurance Fund in late January and qualified as core capital. For more detail use the link.


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