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Silver State Schools Credit Union Releases First Quarter 2012 Financials

Silver State Schools Credit Union has released its first quarter financials.   The Credit Union reported a first quarter 2012 net loss of $3.5 million compared with net income of $90 thousand for the same quarter of 2011 and a fourth quarter 2011 net loss of $2.8 million.                                                                                             

Driving the results was the provision for loan losses which increased from $3.4 million in the first quarter 2011 to $6.2 million in fourth quarter 2011 to $6.8 million in first quarter 2012. CEO Andy Hunter noted, “Despite the earnings and loan loss results, we continued to make progress during the quarter. Although our first quarter operating expenses were adversely impacted in the short-term by the closing of three branches in January, these actions will lead to reduced operating expenses for the Credit Union in the future.” 

The Credit Union continues to make headway in addressing its portfolio of delinquent mortgage loans.  Accelerated foreclosure actions have resulted in realizing losses exceeding specific loss reserves on some  loans, contributing to the higher than anticipated loan losses and net operating losses for the quarter. During the first quarter, the Credit Union wrote down its most severely delinquent mortgage loans to fair value.  The combination of these events resulted in a significant $15 million reduction in SSSCU’s total loan delinquency from approximately $52 million at December 31, 2011 to $37 million at March 31, 2012.  “We have seen a substantial reduction in the amounts of early-stage mortgage delinquency during the past three months, which we believe bodes well for our future results,” Hunter stated.

Other positive signs for the Credit Union include a strong 3.82% net interest margin and a decrease in first quarter operating expenses from $6.4 million in 2011 to $5.7 million in 2012. At March 31, 2012, SSSCU reported deposits of $625 million, total assets of $650 million, and loans of $509 million. Liquidity continues to be strong, and regulatory net worth stands at $24 million.  “We remain confident in our future prospects,” Hunter concluded.  

Silver State Schools Credit Union has released its first quarter financials
Release Date: 5/1/2012

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