Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LENEXA, Kansas -U.S. Central reported net income of $16.1 million as of Sept. 30, 2002, up from $14 million for the same period last year. Looking year-to-date, net income is $50.2 million, up $9.5 million from last year. Average interest-earning assets as of Sept. 30 were $31.8 billion, up 10.3% over 2001. Also, recorded net gains on financial instruments were $8.6 million, compared with net losses of $2.9 million last year. U.S. Central attributed these favorable balance sheet factors to “attractive market conditions and proper portfolio positioning.” To help deal with dwindling investment yield for members, U.S. Central made changes to its variable-rate products by creating an account indexed to a spread above the fed funds open rate. U.S. Central, which recently moved into a 128,000 square-foot new headquarters building here, expects to have to sublease its former office space in Overland Park, Kansas at “significantly reduced rates”, according to its third quarter financials. The corporates’ corporate said office occupancy and administration increased by $2.6 million due to a loss contingency of $2.0 million recorded in April 2002 related to the move and sublease issue. It also reported salaries and benefits increasing by $1.3 million because of annual merit ranges. Offsetting some of the expenses was a $0.7 million reduction in professional and outside services fees related to external legal and project consultants.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.