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Silver State Schools Credit Union Releases First Quarter 2014 Financials

Las Vegas, NV (April 25, 2014) — Silver State Schools Credit Union’s (SSSCU) financial results for the quarter ending March 31, 2014, showed steady progress as SSSCU reported its eighth consecutive quarter of positive earnings.  The Credit Union reported net income of $2.50 million in the first quarter of 2014 as compared to net income of $1.18 million for the first quarter of 2013, and $2.68 million for fourth quarter of 2013.

Delinquent loans declined from $13.0 million at December 31, 2013 to $10.3 million at March 31, 2014, while the allowance for loan losses declined from $18.8 million at December 31, 2013 to $17.3 million at March 31, 2014.  As a result of the lower delinquent loans and continued improvements in the underlying collateral valuations in the Las Vegas market, the Credit Union was not required to fund additional amounts into its allowance for loan losses during the quarter ended March 31, 2014.

CEO Andy Hunter noted, “The Credit Union has gotten off to a good start in 2014. We are pleased to report that we are making solid progress.  Nevada’s economy continues to bounce back, with home prices increasing, unemployment slowly decreasing, and more jobs becoming available.  These improvements have positively impacted the Credit Union’s bottom line, with strong earnings, declining delinquencies and a regulatory net worth ratio of 6.54%.  We are hopeful that this momentum will continue through the balance of 2014.”

At March 31, 2014, SSSCU reported deposits of $608 million, total assets of $656 million, and loans of $397 million. Liquidity remains strong at $171 million, with regulatory net worth of $42.9 million. “We are privileged to serve our member community, grateful to them for their loyalty and support, and we appreciate the opportunity to work with them to meet their financial needs.” 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. 

SSSCU's First Quarter 2014 Financials
Release Date: 4/25/2014

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