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Bank announces earnings

Friday, April 12, 2002 | 11:10 a.m.

Silver State Bancorp, the parent of Henderson-based Silver State Bank, on Thursday reported net income of $76,000, or 6 cents per share, for the three months ended March 31. That's down from $556,000 or 44 cents in the year-ago quarter.

Tod Little, chairman and chief executive officer, said the reduced earnings were caused by last year's cuts in short-term interest rates by the Federal Reserve.

The bank's board also approved the repurchase of up to 45,000 of the company's 1.2 million outstanding stock shares before April 2003.

Silver State reported loans and other assets of approximately $300 million as of March 31.

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