Silver State Schools Reports Fifth-Straight Profitable Quarter
The $655 million Silver State Schools Credit Union in Las Vegas said Friday it has notched its fifth straight profitable quarter.
The privately insured credit union – a one-time billion dollar institution that hit hard times after the housing crash in 2008 – showed net income of $7.48 million in the quarter ending June 30 and year-to-date income of $8.65 million, said CEO Andy Hunter.
“Our internal actions coupled with improvement in local economic conditions are being reflected in our improving financial results,” Hunter said in Friday’s announcement.
A $5 million one-time non-operating gain is included in the second quarter results, which if excluded would give Silver State Schools recorded earnings of $2.48 million for the quarter and $3.65 million year-to-date.
“These results compare favorably to those of 2012, for which SSSCU recorded 2nd quarter net income of $1.18 million and a year-to-date net loss of $2.27 million,” the credit union’s announcement said.
Loan loss provision for the first half of 2013 is $2.9 million, compared with $10.4 million in the year-ago period, Silver State Schools said, as loan delinquencies declined $10.6 million in the past 12 months, from $27.6 million at this point last year to $17.0 million in this year’s second quarter.
“There are strong indications that conditions are steadily improving in Las Vegas. We look forward to continuing our progress as we focus on ensuring that our members’ financial needs are met.” Hunter said.
At one time Nevada’s largest credit union, SSSCU imposed a number of cost-cutting measures, including cutting branches, and in February 2010, American Share Insurance, which solely insures the credit union’s deposits, was forced to lend the 57,000-member institution $22 million to keep it afloat.