The long-ailing Silver State Schools Credit Union of Las Vegassaid Tuesday it is witnessing "a sharp improvement in earnings,"having trimmed its nine-month loss to $17 million, a 58% gain overthe $40.9 million a year ago.
|Losses for the third quarter were $3.6 million compared to a netloss of $16.8 million for the same quarter of 2009, a 79%improvement. Its regulatory net worth to assets ratio remains at4.68% as of Sept. 30.
|The privately insured Silver State, which has been under aregulatory watch for nearly two years, said it continues to work oncost-cutting steps having closed branches, improved creditcollection and decreased balances of higher cost funds.
|"Those improved collection efforts have reduced delinquencies bymore than $8 million from the first quarter of 2010," said DavidRhamy, president/CEO of the $791 million CU, which last Februaryreceived a $22 million capital infusion from its insurer, AmericanShare Insurance Inc. of Dublin, Ohio.
|In a statement, Rhamy cautioned that Nevada's deep economicrecession and high unemployment "and the corresponding impact onproblem loans will continue to hamper our efforts toward fullyrebuilding our capital reserves for some time."
|In spite of these challenges, Silver State "is progressingsteadily, and we are committed to providing our members withexcellent member service and financial solutions for life," hesaid.
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