The $655 million Silver State Schools Credit Union in Las Vegassaid Friday it has notched its fifth straight profitablequarter.

The privately insured credit union – a one-time billion dollarinstitution that hit hard times after the housing crash in 2008 –showed net income of $7.48 million in the quarter ending June 30and year-to-date income of $8.65 million, said CEO Andy Hunter.

“Our internal actions coupled with improvement in local economicconditions 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 thesecond quarter results, which if excluded would give Silver StateSchools 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 whichSSSCU recorded 2^nd quarter net income of $1.18 millionand a year-to-date net loss of $2.27 million,” the credit union'sannouncement 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 StateSchools said, as loan delinquencies declined $10.6 million in thepast 12 months, from $27.6 million at this point last year to $17.0million in this year's second quarter.

“There are strong indications that conditions are steadilyimproving in Las Vegas. We look forward to continuing our progressas we focus on ensuring that our members' financial needs are met.”Hunter said.

At one time Nevada's largest credit union, SSSCU imposed anumber of cost-cutting measures, including cutting branches, and inFebruary 2010, American Share Insurance, which solely insures thecredit union's deposits, was forced to lend the 57,000-memberinstitution $22 million to keep it afloat.