Silver State Schools Credit Union on Tuesday reported slightly lower net income of $2.7 million for the quarter when compared with 2014 and year-to-date net income of $10.5 million.
For the same period last year, SSSCU reported third-quarter net income of $3 million and year-to-date net income of $10.5 million.
Improvement in credit quality continues to be a significant factor in the credit union’s financial performance. Loan delinquencies have declined from $6.9 million as of Sept. 30, 2014, to $4.3 million as of Sept. 30, 2015.
“We are pleased that our third-quarter results mark fourteen consecutive quarters in which we have reported positive net income. Our overall financial performance reflects improvement in the local economy. Our regulatory net worth is now 6.92 percent of total assets and we expect steady progress for the rest of this year and into 2016,” CEO Andy Hunter said in a statement.
As of Sept. 30, SSSCU reports deposits of $613.1 million, total assets of $660.7 million, loans of $434.6 million and regulatory net worth of $45.7 million.
Silver State Schools Credit Union was founded in 1951 and serves the educational community in the state of Nevada with nine locations throughout the Las Vegas Valley.