The latest financial report shows that WesCorp had a net loss of $538.3 million in June 2009 and additional Other-Than-Temporary-Impairment charges.
The corporate's term portfolio recorded an additional $541.1 million OTTI for the second quarter of 2009. To date WesCorp has recorded a total OTTI of $6.1 billion, with $4.7 billion or 77% stemming from option ARMs.
WesCorp had a net interest income decrease of $700,000, while fee income increased by $1.2 million from May 2009. A SFAS 133 expense adjustment of $2.5 million and the recognition of $702,000 previously written down in December 2008 for the restoration of the NCUSIF added to the increase.
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"I'm disappointed but not shocked by further OTTI losses in our portfolio," said Philip Perkins, WesCorp president/CEO. "Housing market conditions, loss severities and delinquency pipelines not only failed to improve the second quarter, there were pockets of further decline which the additional credit losses reflect."
Perkins, Chief Financial Officer Jim Hayes and Chief Investment Office Joseph DeMichele hosted a Webcast today to provide commentary on the financial statement and take questions from participants.
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