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Corporate One ends 2010 with 12M in net income
COLUMBUS, Ohio (2/11/11)--Corporate One FCU reported its unaudited financials for December 2010, noting a turnaround to a net income of $12.1 million--exceeding its budget by $9.64 million--and a 0.36% return on assets at the end of the year. That compares with last year's $42.3 million loss generated by other-than-temporary-impairment (OTTI) charges in its securities portfolio and a -1.10% ROA year to date at the end of 2009. The global economic conditions corporates have faced the past three years continue to impact the Columbus, Ohio-based corporate's financial position. However, its "diversified investing, fee income from a strong suite of brokerage and correspondent services and conscientious spending have allowed us to weather these tough times," said Corporate One in its Unaudited Financial Statements posted on the corporate's website. As of Dec. 31, it marked a positive Reserves and Undivided Earnings (RUDE) position at $35.43 million. "Our members' capital shares and paid-in capital remain intact," said the financial statement. The corporate's assets at the end of 2010 totaled $2.88 billion, compared with nearly $3.3 billion at year-end 2009. Regulatory capital ratio was 5.39% at the end of 2010, just above the regulatory minimum required of 5%. Total regulatory capital, at $182.9 million, was a 9% or $15.2 million increase since Dec. 31, 2009, said the corporate. That includes the $35.43 million RUDE, membership capital shares (MCS) of $122.14 million and paid-in-capital (PIC) of $25.33 million. The increase in capital was attributed strong core earnings, gains on sales of securities, MCS from new members and increased capital from existing members. Total capital was reduced in November when the National Credit Union Administration redeemed about $900,000 in PIC and MCS related to a liquidated credit union and by $7.6 million in OTTI charges on securities. Its unrealized loss on securities is $166.4 million compared with the year before, which totaled $255,7 million.


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