Even though Space Coast Credit Union suffered some losses after merging with troubled Eastern Financial Florida Credit Union, the cooperative said the numbers are in 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 and 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.
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