Silver State Bancorp Reports First Quarter Loss; Cites Deteriorating Economy as Reason for Results; Capital Position and Liquidity Remain Strong (Business Wire)
Posted in: Car Loans | April 30th, 2008
HENDERSON, Nev.—-Silver State Bancorp today reported a net loss for the quarter ended March 31, 2008 of $14.4 million, or $0.95 per diluted share, compared with net income of $5.6 million or $0.39 per diluted share reported for the first quarter of 2007, directly reflecting a significant increase in the company’s loan loss reserve resulting from the impact of the deteriorating economy in the Nevada and Arizona markets on the Company’s loan portfolio, most specifically its residential construction and land loans.