Silver State Schools Credit Union
RatesCalculatorsNewsLocationsContact Us Facebook Twitter IOS Android
Checking & Savings AccountsPersonal & Vehicle LoansHome & Equity LoansInvestments & InsuranceLife PlanningMember ServicesAbout Us
Facebook

Silver State Schools Credit Union Releases First Quarter 2013 Financials

Silver State Schools Credit Union’s (SSSCU) financial results for the quarter ending March 31, 2013, continue to demonstrate steady progress as SSSCU reported its fourth consecutive quarterly net income.  The Credit Union reported first quarter 2013 net income of $1.18 million compared to a net income of $961 thousand for the fourth quarter of 2012, and a net loss of $3.5 million for the first quarter of 2012.  

Loan delinquencies continued to decline, to $17.7 million in the first quarter 2013, from $19.0 million at December 31, 2012 and $37.1 million as of March 31, 2012.  Although the Credit Union’s provision for loan losses in the first quarter of 2013 increased to $2.1 million from the $1.5 million that was reported in the fourth quarter of 2012, the reduction in loan losses are dramatically improved from the $6.8 million loan loss provision reported in the first quarter of 2012.

CEO Andy Hunter noted, “The year has begun well. We are pleased to report our fourth consecutive quarter of positive earnings.  In those quarters we have generated approximately $4.0 million in cumulative net income, while continuing to build net worth and liquidity.  In the still-recovering local economy we acknowledge there continues to be risk, but we are ready for the opportunities to serve our members and to do well.”

At March 31, 2013, SSSCU reported deposits of $613 million, total assets of $644 million, and loans of $429 million, with a regulatory net worth of $27.9 million.  “As we regain our financial footing, we are optimistic that our progress will continue,” Hunter concluded. 


Silver State Schools Credit Union Releases First Quarter 2013 Financials
Release Date: 4/25/2013

New Teacher Loans 2
Personal and Vehicle Loans 2
American Share Insurance
Equal Housing Lender