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Silver State Schools Credit Union Releases Fourth Quarter 2013 Financials

Las Vegas, NV (January 24, 2014) — Silver State Schools Credit Union has released its fourth quarter financials.  The Credit Union reports a fourth quarter 2013 net income of $2.68 million and net income for the year ended December 31, 2013 of $13.55 million.  The annual earnings include a one-time non-operating gain of $5.0 million. The 2013 year-end earnings are a substantial improvement over a net loss of $670,000 reported in 2012.
 
Over the course of 2013, delinquent loans have declined 32%, from $19.0 million at December 31, 2012, to $13.0 million at December 31, 2013.  As a consequence, provision for loan losses decreased to $3.8 million in 2013, from $16.4 million in 2012. 
 
Andy Hunter, CEO, noted, “Our significant improvement in 2013 is very encouraging, and gives rise to the view that we have turned a corner. Nevada’s economy has shown marked signs of resurgence, particularly in increasing property values. This brighter economic outlook has manifested itself in several ways at the Credit Union; delinquencies continue to fall, provision for loan losses has decreased, we have experienced seven consecutive quarters of positive earnings, and have ended the year with a regulatory net worth ratio of 6.32%.”
At December 31, 2013, SSSCU reported deposits of $594 million, total assets of $637 million, and loans of $400 million.  Liquidity remains strong, and regulatory net worth stands at $40.3 million. “In 2013 we saw outstanding improvement in our financial results over 2012. We are encouraged by the progress we have made, and look forward to building upon that progress in 2014,” Hunter concluded.  

Silver State Schools Credit Union Releases Fourth Quarter 2013 Financials
Release Date: 1/24/2014

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