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CU System
Constitution Corporate 1Q financials reported
WALLINGFORD, Conn. (5/14/10)--Constitution Corporate FCU reported its unaudited financial results for first quarter 2010, with a year-to-date net income totaling $708,000, which includes investments other-than-temporary impairment (OTTI) charges of nearly $1.16 million. This compares with a net loss of $31.17 million for the same period in 2009. The improvement in earnings was attributed to nearly a $30.56 million decline in OTTI charges from $31.72 million in 2009. Constitution Corporate is operating with special regulatory assistance under a Prior Undivided Earnings Deficit (PUED). Constitution ended 2009 with a PUED of $25.2 million, which was reduced to $24.5 million as of March 31, as a result of net income recorded for 2010. Year-to-date core earnings, or earnings before OTTI charges, totaled nearly $1.9 million, an increase of $1.3 million from $549,000 reported during first quarter 2009. The return on average assets before OTTI charges rose to 59.9 basis points from 15.8 basis points as a result. Constitution Corporate attributed the increase in core earnings to a $913,000 increase in net interest income and a $439,000 reduction of operating expenses.


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