Despite some losses in the third quarter following a merger with troubled Eastern Financial Florida Credit Union, Space Coast Credit Union said its numbers are line with its initial projections.
The Melbourne, Fla.-based Space Coast's net worth ratio was 6.26% at the time of the merger, said Tom Baldwin, executive vice president/chief financial officer, adding the ratio has since grown to 6.38%.
"These numbers are in line with our initial projections," Baldwin said. "Our projections also showed that our income statement would show a net loss for the remainder of 2009, but return to profitability in 2010."
After posting $39.1 million in earnings in the second quarter, the financial institution lost $2.3 million in the third quarter, according to NCUA call report data. Deposits dipped slightly from $2.93 million to $2.91 million as of Sept. 30 while assets dropped to $3.22 billion from $3.31 billion.
Eastern Financial was placed in conservatorship in April and merged with Space Coast in June.
