Silver State Schools Credit Union reported a $2.8 million loss for the third quarter, as the credit union continues to set aside allowances for loan losses.
The credit union, which serves the educational community in Nevada, reported a $5.5 million loss for the first nine months of 2011, a substantial improvement from the $17 million loss for the same period last year.
Any Hunter, president and CEO of Silver State Schools, said the company set aside an additional $2.2 million in the third quarter for loan losses. As of Sept. 30, the credit union had set aside $30.2 million.
"We had hoped to see more progress, but again, the provision for loan losses impacted earnings," Hunter said. "We also recognized $750,000 of deposit insurance premium expense during the third quarter."
Before set asides for loan losses and insurance payments, Hunter said the credit union earned $3.7 million in the third quarter.
Based in Las Vegas, Silver State Schools reported $629 million in deposits, $667 million in assets and loans of $551 million for the third quarter.
Hunter said the company expects "improvement in the fourth quarter, but not dramatically."
Contact reporter Chris Sieroty at firstname.lastname@example.org or 702-477-3893.