COLUMBUS, Ohio – The $5.2 billion Corporate One Federal Credit Union's November financials are a prime example of the extremes corporate are experiencing on their balance sheets.
Today, Corporate One is reporting record earnings, but also its first other-than-temporary-impairment (OTTI).
"If we're able to take the OTTI in stride, what we've achieved this year is literally, far and away, a record year," said Corporate One President & CEO Lee Butke.
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According to financial statements posted on Corporate One's website (www.corporateone.coop), total year-to-date net income stands at $19.7 million as of November 30, which includes a $5.1 million write down. That's more than $6 million ahead of last year's pace, thanks to a lucrative leveraging of the Fed and LIBOR rates, which has racked up a record $25.6 million year-to-date in net interest income.
This month's $5.1 million write-down on two bonds should represent Corporate One's only actual losses this year; furthermore, no additional OTTIs are anticipated for 2009.
"Now of course, things could get worse, even worse than our current highly stressed scenarios, but I can say we're highly confident with our numbers," Butke said.
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