Chalk up another profitable quarter for the recovering $644million Silver State Schools Credit Union, which reported this week ithad reported $1.18 million in net income for the first quarter.

One year ago, the Las Vegas credit union reported a $3.5 millionnet loss during the same period.

Loan delinquencies continued a declining trend, dropping to$17.7 million in the first quarter from $19 million at Dec. 31,2012 and $37.1 million one year prior.

Although Silver State School's provision for loan lossesincreased to $2.1 million in the first quarter from the $1.5million in the fourth quarter of 2012, provisions have dramaticallyimproved from the $6.8 million loan loss provision reported in thefirst quarter of 2012.

CEO Andy Hunter said in Thursday's news release that the Nevadacredit union has had a good start to 2012, and has generatedapproximately $4 million in cumulative net income in the past 12months.

He acknowledged that the local Las Vegas economy is stillrecovering and still poses some risk, but Silver State School isready for the opportunity to serve its members.

“As we regain our financial footing, we are optimistic that ourprogress will continue,” Hunter said.

At one time Nevada's largest credit union with $1 billion inassets, Silver State Schools fell upon hard times when the housingmarket crashed and took the Las Vegas economy with it.

In February 2010, American Share Insurance, which solely insuresthe credit union's deposits, was forced to lend the 56,659-memberinstitution $22 million to keep it afloat.