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Silver State Schools Credit Union Releases Second Quarter 2013 Financials

Las Vegas, NV (July 26, 2013) — Silver State Schools Credit Union has released its 2nd quarter financial results. The Credit Union reports net income of $7.48 million for the quarter and year-to-date net income of $8.65 million. The 2nd quarter results include recognition of a $5.0 million one-time non-operating gain. Excluding the one-time gain, SSSCU recorded earnings of $2.48 million for the quarter and $3.65 million year-to-date. These results compare favorably to those of 2012, for which SSSCU recorded 2nd quarter net income of $1.18 million and a year-to-date net loss of $2.27 million.

Loan delinquencies have declined $10.6 million in the past 12 months, from $27.6 million at 2nd quarter 2012 to $17.0 million at 2nd quarter 2013. In line with this improvement the Credit Union’s provision for loan losses has decreased significantly to $2.9 million for the first half of 2013, compared to $10.4 million for the first half of 2012.

CEO Andy Hunter noted, “We are pleased to report our fifth consecutive quarter of positive earnings. Our internal actions coupled with improvement in local economic conditions are being reflected in our improving financial results.”

At June 30, 2013, SSSCU reported deposits of $615.4 million, total assets of $654.5 million, and loans of $416.5 million, with a regulatory net worth of $35.4 million. “There are strong indications that conditions are steadily improving in Las Vegas. We look forward to continuing our progress as we focus on ensuring that our members’ financial needs are met.” Hunter concluded.


Silver State Schools Credit Union Releases Second Quarter 2013 Financials
Release Date: 7/26/2013

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