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Silver State Schools Credit Union Releases Third Quarter 2013 Financials

Las Vegas, NV (October 29, 2013) — Silver State Schools Credit Union has released its third quarter financial results.  The Credit Union reports net income of $2.2 million for the quarter and year-to-date net income of $10.9 million. The year-to-date earnings include a one-time non-operating gain of $5.0 million.   These results show significant improvement over 2012, when SSSCU reported third quarter net income of $642,000 and a year-to-date net loss of $1.6 million.

 

Loan delinquencies have declined $5.7 million in the past 12 months, from $21.3 million at third quarter 2012 to $15.6 million at third quarter 2013.  The provision for loan losses has, in turn, decreased from $14.9 million through September 30, 2012, to $3.8 million through the same period in 2013.

 

CEO Andy Hunter stated, “We are pleased that our third quarter results mark six consecutive quarters in which we had positive net income. Our overall financial performance continues to reflect steady progress.”

 

At September 30, 2013, SSSCU reported deposits of $597.5 million, total assets of $638.4 million, and loans of $406.6 million, with a regulatory net worth of $37.7 million. 


Silver State Schools Credit Union Releases Third Quarter 2013 Financials
Release Date: 10/29/2013

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