Silver State Schools Credit Union posts sixth consecutive quarterly profit

Silver State Schools Credit Union on Tuesday reported its sixth consecutive quarterly profit, as the Las Vegas-based credit union earned $2.2 million, compared with $642,000 in the third-quarter of 2012.

For the first nine months, the credit union earned $10.9 million, which includes a one-time, nonoperating gain of $5 million. As of Sept. 30, 2012, Silver State Schools Credit Union reported a net loss of $1.6 million.

“We are pleased with that our third quarter results mark sis consecutive quarter in which we had positive net income,” CEO Andy Hunter said. “Our overall financial performance continues to reflect steady progress.”

In an earnings release, the credit union noted that loan delinquencies have declined $5.7 million in the past 12 months, from $21.3 million to $15.6 million at the end of the third quarter. The provision for loan losses also declined from $21.3 million last year to $15.6 million at the end of the quarter.

Silver State Schools operates nine branches in Southern Nevada with total assets of $638.4 million and a regulatory net worth of $37.7 million.