Second-quarter earnings rise for Silver State Schools Credit Union

Silver State Schools Credit Union on Thursday said second-quarter earnings rose 1.2 percent from a year earlier, helped by improved credit quality and a decline in delinquent loans.

The credit union reported net income of $5.02 million in the second quarter ended June 30, with year-to-date earnings of $7.76 million.

In 2015, the credit union reported second-quarter earnings of $4.96 million with year-to-date earnings of $7.84 million.

Loan delinquencies on June 30 were $3.3 million, down 25 percent from $4.4 million a year earlier.

“Our financial performance for the second quarter of 2016 continues on solid footing. Our earnings were strong even apart from the benefit we recognized from the reduction of the allowance for loan losses account,” CEO Scott Arkills said in a statement.

The credit union had $644 million in deposits, total assets of $698 million, loans of $429 million and regulatory net worth of $48.6 million as of June 30.

Silver State Schools Credit Union was founded in 1951 and serves Nevada’s educational community with eight branches in the Las Vegas Valley.

Contact Alexander S. Corey at acorey@reviewjournal.com or 702-383-0270. Find @acoreynews on Twitter.