Silver State Schools Credit Union sees profits rise 15 percent

Silver State Schools Credit Union on Friday reported an increased profit for the first quarter of 2015 compared to the same three-month period for last year.

Reporting its 12th consecutive quarter of profits, the credit union reported net income of $2.88 million for the period ending March 31, an increase of $380,000 of about 15 percent over the $2.5 million reported for the first quarter of 2014.

Delinquent loans dropped for the same three-month period from year to year, decreasing to $4.9 million for the first three months of 2015 compared to $10.3 million reported in the same period in 2014.

As of March 31,the credit union had deposits of $613 million, total assets of $659 million and loans of $409 million.

Liquidity was $150 million, with regulatory net worth of $42.7 million.