Further deterioration in U.S. Central FCU's private label residential mortgage backed securities resulted in a $57.7 million OTTI for first quarter 2010, according to the institution's financial reports, released Friday.
After applying operational net profits, driven by $14.3 million in net interest income and another $6.1 million in fee income, the Kansas City corporate recorded a $45.5 million net loss. That further depletes NCUSIF's $1 billion capital note to only $350 million as of March 31, U.S. Central's only remaining form of capital.
Despite the new losses, U.S. Central said its investment portfolio "moderated during the first quarter," with total projected losses remaining largely flat. The new OTTIs were the result of "a few specific bonds" that experienced increased loss projections during first quarter 2010.
Recommended For You
Borrowed funds decreased by $5.8 billion during the quarter, reflecting the repayment of the NCUA's Credit Union System Investment Program. Member share and certificate accounts increased to $28.8 billion.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
