SSBX earnings brutal as expected
HENDERSON, Nev.--(BUSINESS WIRE)--Silver State Bancorp (NASDAQ: SSBX - News) today reported a net loss for the quarter ended June 30, 2008 of $62.7 million, or ($4.15) per diluted share, compared with net income of $6.2 million, or $0.44 per diluted share, reported for the second quarter of 2007.
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The loss for the quarter is the direct result of a $58.6 million provision to the Company’s loan loss reserve, an impairment charge of $18.8 million representing a full write-down of the Company’s goodwill asset, and the establishment of a valuation allowance of $7.1 million to the Company’s net deferred tax assets.
Michael J. Threet, Chief Operating Officer and Chief Financial Officer, said, “Our second quarter and six month results are due to the severe economic downturn in our nation, in our region and in the real estate values in the markets we serve.
“There is no question that these are unprecedented times for our nation, our region and our company. The economic downturn is the most severe downturn ever manifest in our largest market, Nevada, and has had a severe impact on the banking industry as a whole, as reflected in the results of operations that so many other financial institutions are posting. Despite these difficult economic times, our capital position remains adequate to support our balance sheet, our allowance for loan losses is adequate to protect against probable losses in our loan portfolio and we enhanced our liquidity position to support our customers’ needs.
AI
