weather icon Clear

Silver State Schools Credit Union reports slightly lower net income

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.

Don't miss the big stories. Like us on Facebook.
US hotels caught in clash over housing detained migrants

Advocacy groups and unions are pressuring Marriott, MGM and others not to house migrants who have been arrested by Immigration and Customs Enforcement officers.

Proposed Northern Nevada industrial park could produce 10K jobs

The second-largest commercial land sale in state history is expected to bring thousands of new jobs to a northern Nevada industrial park covering nearly 7 square miles about 30 miles east of Reno.

Bling Bling Balloon Jam floats into Las Vegas

You might see balloon artists floating around the Golden Nugget until July 25 as they attend the Bling Bling Balloon Jam, a convention featuring vendors, speakers and workshops for balloon artists bent on getting better.