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Constitution Corp Income Covers New OTTIs

Like other corporate credit unions, Constitution Corporate FCU's investment portfolio performed worse than previously estimated, requiring a new $1 million-plus OTTI as of March 31.

Like other corporate credit unions, Constitution Corporate FCU’s investment portfolio performed worse than previously estimated, requiring a new $1 million-plus OTTI as of March 31.

However, unlike larger corporates that also operate with a capital deficit, the $1.2 billion Constitution Corporate was able to offset the new losses with net income, rounding out the first quarter with a net profit of $708,000.

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Peter Westerman

 

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