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Silver State Schools Credit Union Releases Third Quarter 2012 Financials

Silver State Schools Credit Union’s (SSSCU) financial results for the quarter ending September 30, 2012 continue to demonstrate progress. The Credit Union reported net income for the third quarter of $642,000, reducing its year-to-date net loss to $1.6 million. These results show significant improvement over 2011, when SSSCU reported a third quarter net loss of $2.8 million and a third quarter year-to-date net loss of $5.5 million.

In addition, over the last nine months, delinquencies have declined 59%, from $52.2 million at December 31, 2011, to $21.3 million at September 30, 2012. As a result, year-to-date provision for loan losses has decreased from $16.2 million through September 30, 2011 to $14.9 million through the same period in 2012. Year-to-date operating expenses decreased 17.6%, from $19.9 million through September 30, 2011 to $16.4 million for the first three quarters of 2012.

CEO Andy Hunter acknowledges these improvements, but realizes there is much work still to be done. “We are pleased to report two consecutive quarters of positive earnings, and we hope to be near breakeven earnings for the year 2012. Our improving financial results are a function of both the modest improvement in economic conditions in the Las Vegas valley and the Credit Union’s efforts to enhance revenues and control costs. We continue to believe we are making solid progress in our financial recovery.”

In addition, at September 30, 2012, SSSCU reported deposits of $596.9 million, total assets of $626.5 million, and loans of $472.0 million. The Credit Union had a regulatory net worth of $25.8 million at the end of the third quarter 2012.


Financial results for the quarter ending September 30, 2012 continue to demonstrate progress.
Release Date: 10/25/2012

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