The $627 million Silver State Schools Credit Union released some financial results Thursday, including news it posted another quarterly net profit.
The Las Vegas-based, privately insured credit union reported a $642,000 net profit for the third quarter, following a $1.2 million net profit during second quarter 2012.
Despite the good news, Silver State Schools still is $1.6 million in the red year-to-date. However, when compared to last year’s numbers, it is showing an improving trend: as of Sept. 30, 2011, the 58,000-member credit union reported a net loss of $2.8 million and a year-to-date net loss of $5.5 million, the credit union said in a statement.
Driving the return to profitability is a 59% reduction in delinquencies during the first nine months of 2012, from $52.2 million at 2011 year-end to $21.3 million as of Sept. 30.
As a result, year-to-date provision for loan losses has decreased to $14.9 million as of Sept. 30, from $16.2 million during the same period one year prior.
Additionally, year-to-date operating expenses decreased 17.6%, to $16.4 million as of Sept. 30 from $19.9 million one year prior.
Silver State Schools CEO Andy Hunter said he hopes to end the year “near breakeven earnings.”
“Our improving financial results are a function of both the modest improvement in economic conditions in the Las Vegas valley and the credit union’s efforts to enhance revenues and control costs. We continue to believe we are making solid progress in our financial recovery,” Hunter said.
In addition, at September 30, 2012, SSSCU reported deposits of $596.9 million, total assets of $626.5 million, and loans of $472.0 million. The credit union had a regulatory net worth of $25.8 million at the end of the third quarter 2012.
