U.S. Central's January 2009 unaudited financials, released yesterday, report a $9.2 million net profit and a slight decrease in last month's $6 billion unrealized loss tab.

"We'll take good news where we can get it," said Senior Vice President and Chief Financial Officer Kathy Brick of the $100 million decrease, which shaved accumulated other comprehensive income (AOCI) down to $5.9 billion. Tightening spreads for credit card and student loan backed securities were responsible for gain.

U.S. Central also reported that the NCUA's $1 billion capital infusion improved its capital ratio to 6.362% as of January 31, up from December 31 2008's post-OTTI ratio of 3.756%.

January's numbers were posted hot off the heels of U.S. Central's December 2008 financials, released just last Thursday.

The unaudited statements made official what the entire industry has known for weeks: a GAAP-required $1.2 billion OTTI ate up some $700 million in retained earnings, resulting in a negative $463 million line item.

It's pocket change compared to the $1.2 billion industry shocker, but had that OTTI not happened, U.S. Central would have posted a record $120 million net profit for the year.