Las Vegas Credit Union Returns to Pre-Recession Profit Levels
The $496 million Clark County Credit Union in Las Vegas said it has returned to pre-recession profit levels, a strong indicator that the economy of Southern Nevada, hit hard by the Great Recession, is finally stabilizing and showing signs of growth.
Clark County CU said it is continuing to see profitable quarterly reports with a second quarter posting of more than $2.3 million in net income.
“We feel really good about where we are positioned right now,” says Wayne Tew, CCCU’s president/CEO. “For the first half of this year, we’re seeing financial numbers not seen since 2007. Delinquency is down and loan growth is up for the first time in six years. We anticipate steady, positive circumstances for the next few years, at least.”
The 2013 Midyear Economic Outlook by UNLV’s Center for Business & Economic Research recently revealed that Southern Nevada’s 2.7% job growth last year was driven by improvements in tourism, gaming, construction and real estate, according to a report in the Las Vegas Review Journal, a local news site.
The number of Las Vegas visitors last year reached 42.7 million, which is expected to jump to 43.1 million this year, the Review Journal reported. Gross gaming revenue is expected to increase to $9.7 billion in 2013, up from $9.3 billion last year.
What’s more, Las Vegas home prices have significantly increased by 21% since hitting the bottom in January 2012, according to UNLV’s Center for Business & Economic Research.
CCCU reported it is growing across the board with an increase in the year-to-date asset ratio nearly 8.5%, a year-to-date loan growth ratio of 5.6%, and the loan-to-shares ratio rising over 61%.
“I’ve spoken with other financial institutions in the valley,” said Tew. “We are definitely seeing the economy stabilize on our end. This is a very good sign for Southern Nevada.”