Retained earnings absorb Southeast Corporate's OTTI
TALLAHASSEE, Fla. (7/28/10)--Southeast Corporate FCU recorded a $795,662 other than temporary impairment (OTTI) charge in its financials for June. However, the corporate's retained earnings were sufficient enough to absorb the loss, with no impact to member capital, the corporate said.
Southeast Corporate Executive Vice President Rob Schleiter made the announcement Monday in a press release, which notedthat the corporate has steadily built retained earnings after several rounds of belt-tightening.
Before posting the OTTI, Southeast reported June earnings totaling $173,794. After posting OTTI, it closed June with a net loss for the month of $621,868. Despite the additional OTTI recorded, the corporate said its year-to-date earnings total $767,164.
"This serves as first loss protection for membership capital, which currently totals $59.9 million at June 30, 2010" the press release said.
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