Silver State Schools Credit Union posts $642,000 third-quarter profit
Silver State Schools Credit Union on Thursday reported a profit for the third quarter, as the struggling credit union continues to recover from the recession.
The Las Vegas-based credit union reported net income of $642,000 for the third quarter, reducing its year-to-date net loss to $1.6 million. These results were a significant improvement from the third quarter of 2011, when Silver State Schools Credit Union posted a net loss of $2.8 million and a year-to-date net loss of $5.5 million.
"We are pleased to report two consecutive quarters of positive earnings, and we hope to be near break-even earnings for the year," said Andy Hunter, CEO of Silver State Schools Credit Union. "Our improving financial results are a function of both a modest improvement in economic conditions and the credit union's efforts to enhance revenues and control costs."
For the first nine months of 2012, delinquencies declined 59 percent from $59.9 million to $21.3 million. As a result, provision for loan losses has decreased from $16.2 million to $14.9 million.
The credit union, with nine branches statewide, reported deposits of $596.9 million, total assets of $626.5 million and loans of $472 million.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
