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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