Southwest Corporate reports more OTTI charges
DALLAS (6/2/10)--Southwest Corporate FCU released its financials for April, noting a net loss of $23 million for the first four months of 2010. That compares with the Dallas-based corporate's $9.8 million net income for the same period in 2009.
The net loss resulted from other-than-temporary impairment charges totaling $31.6 million, said the corporate credit union's financial statements posted on its website. The OTTI charges relate to the further deterioration of certain non-agency residential mortgage-backed securities since Dec. 31.
The net loss is partially offset by net operating income totaling $10.1 million for the period, the corporate said.
The OTTI charges mean that the $10.3 billion asset Southwest Corporate has a retained deficit at April 30 of more than $23 million. The corporate reported to its members last week that it will be required to deplete about 5.72% of the original members' capital accounts (MCA) to cover the retained deficit.
The latest charges would increase the cumulative MCA depletion percentage to 78.40% from 72.68%.
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