The $627 million Silver State Schools Credit Union released somefinancial results Thursday, including news it posted anotherquarterly net profit.

The Las Vegas-based, privately insured credit union reported a $642,000 net profitfor the third quarter, following a $1.2 million net profit during second quarter 2012.

Despite the good news, Silver State Schools still is $1.6million in the red year-to-date. However, when compared to lastyear's numbers, it is showing an improving trend: as of Sept. 30,2011, the 58,000-member credit union reported a net loss of $2.8million and a year-to-date net loss of $5.5 million, the creditunion said in a statement.

Driving the return to profitability is a 59% reduction indelinquencies during the first nine months of 2012, from $52.2million at 2011 year-end to $21.3 million as of Sept. 30.

As a result, year-to-date provision for loan losses hasdecreased to $14.9 million as of Sept. 30, from $16.2 millionduring the same period one year prior.

Additionally, year-to-date operating expenses decreased 17.6%,to $16.4 million as of Sept. 30 from $19.9 million one yearprior.

Silver State Schools CEO Andy Hunter said he hopes to end theyear “near breakeven earnings.”

“Our improving financial results are a function of both themodest improvement in economic conditions in the Las Vegas valleyand the credit union's efforts to enhance revenues and controlcosts. We continue to believe we are making solid progress inour financial recovery,” Hunter said.

In addition, at September 30, 2012, SSSCU reported deposits of$596.9 million, total assets of $626.5 million, and loans of $472.0million. The credit union had a regulatory net worth of $25.8million at the end of the third quarter 2012.