Silver State Schools Credit Union reports quarterly profits of $2.4M

Silver State Schools Credit Union reported third-quarter profits of $2.4 million, contributing to year-to-date earnings of $10.2 million.

These numbers were slightly down from third-quarter profits of $2.7 million in 2015, and year-to-date totals of $10.5 million.

The quarter ending in September marked the 18th consecutive quarter of positive earnings for the banking cooperative open to teachers, students age 16 or older and their families, officials said in a statement.

This most recent earnings report showed improving credit quality, with delinquent loans declining from $4.3 million for 2015 through September to $3.6 million for the same period in 2016.

“Our earnings reflect strong performance in asset quality and steady improvements in the local economy,” CEO Scott Arkills said in a statement. “We remain encouraged by these favorable financial results, and as always, we look forward to continuing our progress, and providing best-in-class service to the educational community for the remainder of 2016 and beyond.”

Through September, SSSCU reported deposits of $642 million, total assets of $693 million, liquidity of $124 million and regulatory net worth of $51 million.

The net worth accounted for 7.36 percent of total assets, which exceeded the 7 percent minimum required to be a “well-capitalized” credit union, according to the National Credit Union Administration.