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Silver State Schools Credit Union Releases Fourth Quarter 2012 Financials

Silver State Schools Credit Union has released its fourth quarter financials.  The Credit Union reports a fourth quarter 2012 net income of $961,000 and a net loss for the year ended December 31, 2012 of $670,000.  The year-to-date results show significant improvement when compared to a net loss of $8.39 million for 2011.

 

Over the course of 2012, delinquencies have declined 63%, from $52.2 million at December 31, 2011, to $19.0 million at December 31, 2012.  As a consequence, provision for loan losses decreased to $16.4 million in 2012, from $22.5 million in 2011. 

 

Andy Hunter, CEO, noted, “All in all we have made some significant improvement in 2012.  There is no doubt that Nevada’s improving economic outlook has positively impacted the financial situation of the Credit Union, resulting in lower loan losses over the course of the year.  In addition, three consecutive quarters of positive earnings, a net interest margin of 3.52% and a reduction in operating expenses from $26.0 million in 2011 to $21.5 million in 2012 all contributed to the progress we have made over the past year.”

 At December 31, 2012, SSSCU reported deposits of $595 million, total assets of $622 million, and loans of $449 million.  Liquidity remains strong, and regulatory net worth stands at $26.7 million.  “In 2012 we saw exceptional improvement in our financial results over 2011, and we are optimistic that progress will continue in 2013,” Hunter concluded. 

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By members' choice, member shares and deposits are insured by American Share Insurance up to $250,000 per account. This institution is not federally insured. Silver State Schools Credit Union was founded in 1951, and serves the educational community in the state of Nevada with 9 locations throughout the Las Vegas valley. 


Silver State Schools Credit Union Releases Fourth Quarter 2012 Financials
Release Date: 1/25/2013

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