The $638 million, 55,311-member Silver State Schools Credit Union in Las Vegas said itsfinancial condition continues to improve following the GreatRecession that deeply affected Nevada's economy.

The privately insured cooperative reported net income of $2.2million 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 oflast year's third quarter and a year-to-date net loss of $1.6million.

Silver State Schools CU also reported its year-to-date earningsinclude 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 ofthe third quarter of 2012 to $15.6 million at the end of thisyear's third quarter. The provision for loan losses has alsodeclined from $14.9 million through Sept. 20, 2012, to $3.8 millionthrough the same period in 2013, according to Silver State SchoolsCU.

Silver State Schools CU posted total net losses of $80 millionfrom 2009 to 2011 primarily caused by the Great Recession thatravaged Nevada's economy. By December 2012, however, the creditunion posted a small net income loss of $670,255. And by the end ofthe second quarter last year the cooperative posted its first netincome gain of $1.2 million since 2008.

“We are pleased that our third quarter results mark sixconsecutive quarters in which we had positive net income,” saidSilver State Schools CU president/CEO Andy Hunter. “Our overallfinancial performance continues to reflect steady progress.”

Silver State Schools CU also reported deposits of $597 millionand loans of $406 million with a regulatory net worth of $37.7million at the end of the third quarter.