Silver State Schools Credit Union posts quarterly loss

Silver State Schools Credit Union, one of the state's largest credit unions, has slipped back into the red.

The credit union reported a $90,000 profit in the first quarter, but said Wednesday it lost $2.9 million in the second quarter.

The first-quarter profit reversed a string of nine quarterly losses. For the first six months of 2011, Silver State lost $2.8 million, a dramatic decline from the $13.4 million loss for the same period last year.

Silver State President and CEO Andy Hunter attributed the second-quarter loss to an increase in reserves set aside for potential loan losses.

As of June 30, the credit union's allowance for loan losses was $28 million, up from $22.5 million.

Hunter said the increase in reserves didn't reflect deterioration in the credit union's loan portfolio, but was the result of a "more sophisticated ... and ultimately more conservative process of evaluating our loan portfolio.


Rules for posting comments

Comments posted below are from readers. In no way do they represent the view of Stephens Media LLC or this newspaper. This is a public forum. Read our guidelines for posting. If you believe that a commenter has not followed these guidelines, please click the FLAG icon next to the comment.


Due to an increase in uncivil behavior and dialogue the Review-Journal has temporarily disabled the comment boards. The Review-Journal will use the time to evaluate the effectiveness of the comment boards and find an appropriate time to reintroduce them to