Silver State Schools Credit Union reports eighth straight positive quarter
In a continuing trend of recovery from the recession, Silver State Schools Credit Union on Monday reported an eighth consecutive quarter of positive earnings.
The credit union posted a first quarter net income of $2.5 million, compared with net income of $1.18 million for the same period last year.
“The Credit Union has gotten off to a good start in 2014,” CEO Andy Hunter said in a statement. “We are pleased to report that we are making solid progress.”
Once the largest credit union in Nevada, Silver State Schools struggled during the recession, and in 2010, the credit union received a $22 million capital infusion from American Share Insurance Inc., a Dublin, Ohio company that insures the credit union’s deposits.
Hunter pointed to a rebounding state economy and increased home prices as having “positively impacted the credit union’s bottom line, with strong earnings, declining delinquencies and a regulatory net worth ratio of 6.54 percent. We are hopeful that this momentum will continue through the balance of 2014.”
Delinquent loans at Silver State Schools, which serves members of the education community with nine Las Vegas locations, dropped to $10.3 million in the first quarter, compared with $13 million in the fourth quarter of 2013. The allowance for loan losses declined to $17.3 million in the first quarter, compared with $18.8 million in the fourth quarter last year.
The credit union reported deposits of $608 million and total assets of $656 million with loans of $397 million for the quarter.
Contact reporter David Ferrara at 702-387-5290 or dferrara@reviewjournal.com. Follow @randompoker on Twitter.
