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Southeasts member capital not impacted by Sept. OTTI
TALLAHASSEE, Fla. (10/21/10)--Membership capital at Southeast Capital FCU will not be impacted by an $873,063 additional other than temporary impairments (OTTI) recorded in September, announced the corporate Wednesday. With the additional OTTI from September, Southeast’s year-to-date earnings total $321,902. The corporate’s September financials are located on its website. They detail that Southeast recorded $53,102 in earnings in September, and then recorded the $873,063 OTTI, resulting in a net loss for the month of $819,961. Retained earnings were sufficient to cover the OTTI, the corporate said in a member bulletin. Year-to-date, Southeast’s OTTI totals $1.7 million, including OTTI the corporate recorded in June and in September. “Continuing to improve operating efficiencies is helping to build our retained earnings, which serve as first loss protection for membership capital, which totaled $58.7 million as of Sept. 30,” said Southeast President/CEO Brad Miller. “Going forward, our goal is to continue to improve earnings and efficiencies while providing transparency in our financial position,” he said. “The timing and amount of any future losses coupled with adherence to the new corporate rule will ultimately determine the impact to retained earnings and membership capital,” he said.
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