Silver State Schools Credit Union on Friday said that it lost$670,000 in 2012, a sharp improvement over the net loss of $8.39million the privately insured Las Vegas credit union recorded in2011.

Silver State Schools is insured by American Share Insurance and has undergone cost cutting andbranch closings as the receding recession wracked the localeconomy.

The year-end report included net income of $961,000 in thefourth quarter ending Dec. 31, its third-straight profitablequarter, the $622 million credit union said. The year ended with anet interest margin of 3.52% and a reduction in operating expensesto $21.5 million in 2012 from $26 million in 2011.

“Over the course of 2012, delinquencies have declined 63%, from$52.2 million at Dec. 31, 2011, to $19 million at Dec. 31,2012. As a consequence, provision for loan losses decreasedto $16.4 million in 2012, from $22.5 million in 2011,” the creditunion said in a statement.

AndyHunter, the former Patelco CU CEO who took over at SSSCU inmid-2011, said, “All in all we have made some significantimprovement in 2012. There is no doubt that Nevada'simproving economic outlook has positively impacted the financialsituation of the credit union, resulting in lower loan losses overthe course of the year.”

SSSCU said deposits stood at $595 million, loans at $449million, “liquidity remains strong,” and regulatory net worth wasat $26.7 million.

Hunter said in the statement, “In 2012 we saw exceptionalimprovement in our financial results over 2011, and we areoptimistic that progress will continue in 2013.”

Silver State Schools had been Nevada's largest credit union, butlost that spot to One Nevada CU. ASI helped keep it afloat witha $22 million cash injection.