Performance reports

DAYTON, Ohio -- ATM maker NCR Corp. lost $15 million in the first quarter compared with a profit of $48 million in the same period of 2008, largely because of a downturn in the retail industry, the company said yesterday.

RESTON, Va. – Sallie Mae, the nation's largest student lender, narrowed its loss in the first quarter to $21 million, down from a $104 million first quarter loss last year, despite government efforts to stabilize short-term debt markets that Sallie Mae says hurt its results.

PHOENIX – Arizona FCU, continuing to struggle with large losses, is shutting two more branches, making a total of six branches closed so far this year.

TUKWILA, Wash. – The recession has officially spread to the northwest, as evidence by the increasing delinquencies for consumer loans and a $9.3 million operating loss at BECU.

MIRAMAR, Fla. – The financial condition of Eastern Financial Florida CU, the one-time high-flying airlines credit union, has continued to deteriorate in recent months, even while state regulators have slapped the credit union with a tough supervisory order.

SACRAMENTO, Calif. – The retroactive assessment of some of its share of the corporate bailout costs back to the fourth quarter of 2008 wiped out a healthy $21 million net for The Golden 1 CU and pushed the credit union into the red for last year.

ALEXANDRIA, Va. – The NCUA Board voted yesterday to extend the corporate share guarantee program to accommodate a two-year rolling expiration date on deposits and provide the option of quarterly extensions through December 2012.

SAN DIMAS, Calif. – Credit unions left staggering by their share of the corporate credit union bailout are struggling with the added injury from last month’s WesCorp FCU failure, which wiped out $2 billion of credit union capital.

ALEXANDRIA, Va. – The NCUA Board agreed today to extend the corporate share guarantee program to accommodate a two-year rolling expiration date on deposits and provide the option of quarterly extensions through December 2012. If the option to extend each quarter is fully utilized, the final guarantee would expire December 31, 2014.

WASHINGTON – The FDIC shut down two more banks Friday, raising the number of failures this year to 25, as many as in all of last year.

ALEXANDRIA, Va. – NCUA reported Friday it approved 25 mergers last month, 20 of them involving one or more credit unions struggling with losses or other financial problems.

ALEXANDRIA, Va. – NCUA's corporate assessment was booked by most credit unions in the first quarter of 2009, and its effect can be seen in the March 30 call report data, with many credit unions reporting losses as a result.

ALEXANDRIA, Va. — NCUA Chairman Michael Fryzel is calling on credit unions to get behind its legislative plan to replenish the National Credit Union Share Insurance Fund (NCUSIF) over time.

VICTORVILLE, Calif. — Available financial institution: CU w/loyal membership ISO larger, stronger mate for LTR, mutual benefits.

MADISON, Wis. — Outright declines in credit union capital in February — and over the past year — led to a decline in the capital-to-asset ratio, which now stands at 10.2%, according to a recent report by CUNA Mutual Group.

SAN FRANCISCO — In response to double-digit unemployment numbers in this state, Patelco CU is taking drastic measure to prevent delinquency.

ALEXANDRIA, Va. – An analysis by NCUA of the investments held by U.S. Central FCU and WesCorp FCU prior to the March 20 takeover of the troubled corporate credit union giants shows a vast exposure to risky subprime, Alt-A and Option ARM mortgage securities held by the two institutions.

A Positive Moving Forward, But...BIRMINGHAM, Ala. — Corporate credit union earnings in 2009 will look much better than the previous year thanks to FASB's mark to market ruling, according to a former NCUA chairman.Dennis Dollar, principal at Dollar Associates, said the accounting changes will boost the bottom line at corporates and natural person credit unions with impaired investments going forward, but those institutions will still be forced to write down the actual credit losses on the mortgages that back those securities.

ANN ARBOR, Mich. — As bank customers are displaced because of financial sector turmoil, analysts are saying it is more important than ever for credit unions to keep a tight control on member satisfaction and manage their external images.

BIRMINGHAM, Ala.-Despite the toll the corporate failures and the economy in general is taking on credit unions, most are sticking with to their gameplan, experts told CU Journal.