LAS VEGAS – Silver State Schools Credit Union has released Q2 financials showing it lost $2.9 million during the second quarter, with a year-to-date net loss of $2.8 million.
That compares with year-to-date losses $13.4 million for the same period of 2010. The credit union said the primary factor in its Q2 loss was an increase in ALL to $28 million from $22.5 million.
In a statement, the credit union’s new CEO, Andy Hunter, said, “The increase in reserves for loan losses doesn’t reflect deterioration in the loan portfolio. Since quarter end, delinquency has increased only slightly, from $44 million to $45 million. The increase in loan loss reserves rather is primarily the result of a more sophisticated, thorough and ultimately more conservative process of evaluating our loan portfolio. Our revised process included a more detailed examination of the portfolio, more focused attention to loan modifications, and a thorough “look-back” at the allowance and subsequent performance for the first quarter.”
In the statement, Hunter added the $712-million Silver State Schools, which is privately insured by American Share Insurance, during Q1 earned $4.2 million prior to ALL.
