Silver State Schools Credit Union reverses loss, earns $13.55 million in 2013

Silver State Schools Credit Union on Monday reported its seventh consecutive quarterly profit, as consistent results helped the Las Vegas-based credit union turn a corner and post its first profitable year in three years.

For the fourth quarter, the credit union earned $2.68 million, compared with $961,000 for the same periodin 2012. Net income for 2013 was $13.55 million, compared with a net loss of $670,000 in 2012 and an $8.4 million net loss in 2011.

“Our significant improvement in 2013 is very encouraging, and gives rise to the view that we have turned a corner,” said Andy Hunter CEO of Silver State Schools Credit Union. “Nevada’s economy has show marked signs of resurgence, particularly in increasing property values.”

Hunter said the “brighter economic outlook” has led to falling delinquencies and loan losses. He said the credit union is encouraged by the progress they made last year and looks forward to building upon it this year.

Silver State Schools operates nine branches in Southern Nevada with total assets of $637 million, deposits of $594 million and loans of $400 million.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.