Monday, May 17, 2010

Silver State Schools Q1 Financials

Privately-insured Silver State Schools CU in Las Vegas, Nevada reported a loss of almost $8.5 million in the first quarter.

The one-time billion-dollar credit union announced two weeks ago it is closing five branches as part of a cost-cutting move.

Silver State Schools during the first quarter received a capital injection of $22 million from private share insurer, ASI. The capital injection boosted its net worth ratio to 5.28 percent at the end of March from 3.64 percent at the end of 2009. Without the capital injection from ASI, its net worth ratio would have dropped to 2.64 percent.

Silver state reported that $62.7 million of its loans were 60 days or more past due (8.85 percent of its loan portfolio). Almost $57.3 million of the delinquent loans were real estate loans.

Below is a four time period trend analysis for Silver State Schools. (Click on image to enlarge)

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