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Silver State Schools Credit Union Releases Mid-Year 2012 Financials

Silver State Schools Credit Union’s (SSSCU) financial results for the quarter ending June 30, 2012, show marked improvement.  The Credit Union reported net income for the second quarter of $1.2 million, reducing the year-to-date net loss to $2.3 million.  This is an improvement from the prior year when SSSCU reported a $2.9 million net loss for the second quarter of 2011, and a net loss of $2.8 million for the first half of 2011.

In addition, over the last six months delinquencies have declined 46%, from $52 million at December 31, 2011, to $37 million at March 31, 2012 and to $28 million at June 30, 2012. As a result, provision for loan losses decreased from $6.8 million in the first quarter to $3.6 million for the second quarter 2012.

CEO Andy Hunter attributed the improvement to both external and internal factors.  “Most significantly, we are experiencing gradually improving economic conditions in the Las Vegas valley, particularly as regards home prices.  Although our results for the second quarter include a $200,000 non-recurring gain, our ongoing operating results are benefiting from improvements in our internal loss mitigation efforts and continued expense control.”  SSSCU’s cost of operations decreased approximately 17%, from $6.5 million for the second quarter of 2011 to $5.4 million for the second quarter of 2012.

In addition, at June 30, 2012, SSSCU reported deposits of $617 million, total assets of $645 million, and loans of $498 million. The Credit Union had a regulatory net worth of $25.1 million at quarter end. “We are pleased with our progress during the second quarter, and while we know the road ahead is still long and challenging, we continue to believe that we are heading in the right direction,” Hunter concluded.


 


Silver State Schools Credit Union’s financial results for the quarter ending June 30, 2012
Release Date: 7/27/2012

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