Silver State Schools Continues Recovery
The $638 million, 55,311-member Silver State Schools Credit Union in Las Vegas said its financial condition continues to improve following the Great Recession that deeply affected Nevada’s economy.
The privately insured cooperative reported net income of $2.2 million for the third quarter and a year-to-date net income of $10.9 million, compared with a net income of $642,000 at the end of last year’s third quarter and a year-to-date net loss of $1.6 million.
Silver State Schools CU also reported its year-to-date earnings include a one-time non-operating gain of $5 million.
Additionally, the cooperative’s loan delinquencies have declined $5.7 million in the past 12 months from $21.3 million at the end of the third quarter of 2012 to $15.6 million at the end of this year’s third quarter. The provision for loan losses has also declined from $14.9 million through Sept. 20, 2012, to $3.8 million through the same period in 2013, according to Silver State Schools CU.
Silver State Schools CU posted total net losses of $80 million from 2009 to 2011 primarily caused by the Great Recession that ravaged Nevada’s economy. By December 2012, however, the credit union posted a small net income loss of $670,255. And by the end of the second quarter last year the cooperative posted its first net income gain of $1.2 million since 2008.
“We are pleased that our third quarter results mark six consecutive quarters in which we had positive net income,” said Silver State Schools CU president/CEO Andy Hunter. “Our overall financial performance continues to reflect steady progress.”
Silver State Schools CU also reported deposits of $597 million and loans of $406 million with a regulatory net worth of $37.7 million at the end of the third quarter.