Silver State Schools Credit Union pares 2012 losses to $670,000
Silver State Schools Credit Union posted a $670,000 loss last year, a dramatic turnaround given the Las Vegas-based credit union reported a net loss of $8.39 million in 2011.
The year-end report included net income of $961,000 in the fourth-quarter, the credit union's third straight profitable quarter. The year ended with a net interest margin of 3.52 percent and a reduction in operating expenses to $21.5 million from $26 million in 2011.
"All in all, we have made some significant improvement in 2012," Silver State Schools Credit Union CEO Andy Hunter said in a statement Monday. "There is no doubt that Nevada's improving economic outlook has positively impacted the financial situation of the credit union, resulting in lower loan losses over the course of the year."
Delinquencies declined 63 percent, from $52.2 million in 2011 to $19 million last year. As a consequence, provision for loan losses decreased to $16.4 million from $22.5 million.
"Liquidity remains strong," Hunter said. "In 2012, we saw exceptional improvement in our financial results over 2011, and we are optimistic that progress will continue in 2013."
As of Dec. 31, Silver State Schools Credit Union had $595 million in deposits, $449 million in loans and a regulatory net worth of $26.7 million. The credit union operates nine branches in Southern Nevada.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
