Like other corporate credit unions, Constitution Corporate FCU's investment portfolio performed worse than previously estimated, requiring a new $1 million-plus OTTI as of March 31.
However, unlike larger corporates that also operate with a capital deficit, the $1.2 billion Constitution Corporate was able to offset the new losses with net income, rounding out the first quarter with a net profit of $708,000.
As of March 31, the Wallingford, Conn.-based cooperative had gained nearly $3 million in interest income, a $913,000 increase over the same period last year. Investment income was only $5 million compared to $8.4 million during the first quarter of 2009; however, dividends paid to members' accounts decreased from $9.6 million in 2009 to only $5.14 million as of March 31, 2010.
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