Earnings fall at Silver State Schools Credit Union
Silver State Schools Credit Union Las Vegas reported that its third-quarter earnings ticked down from June 30.
The $777 million-asset institution said Thursday that it earned about $2.3 million in the third quarter, a decrease of almost 12% from the second quarter. Through the first three quarters of the year, Silver State earned $6.6 million, down 10% from the same period a year earlier.
Through Sept. 30, its provision for loan losses totaled almost $1.5 million, up 29% from the same period a year earlier. Its total allowance for loan losses decreased from $2.8 million, or 0.49% of total loans, as of Sept. 30, 2018, to $2.7 million, or 0.44% of total loans, on Sept. 30 of this year.
SSSCU, which is privately insured by American Share Insurance, said it had deposits of $688 million and loans of $621 million. As of Sept. 30, its liquidity was $55 million, as its net worth was $86.1 million, or 11.08% of total assets.
The credit union said its net interest margin increased from 3.42% as of Sept. 30, 2018, to 3.62% on Sept. 30, 2019, which reflected an uptick in consumer loan portfolio balances and a higher-yielding loan portfolio.
The credit union’s loan-to-assets ratio increased to 79.95% at the end of the third quarter, up from 75.23% from a year earlier. Silver State attributed the rise to “increasingly strong” loan demand.
Scott Arkills, Silver State Schools CU’s president and CEO, said in a press release that the credit union is “consistently improving” its financial strength, pointing to its increasing regulatory capital ratio and overall financial and asset quality performance.
The CU was battered during the great recession and endured the painfully slow recovery in Southern Nevada. Silver State Schools had $1 billion in assets before the financial crisis, but that plummeted to $622 million at the end of 2012. It lost more than $80 million from 2009 to 2011.
Silver State Schools Credit Union has nine branches and serves more than 54,000 members of the educational community and their families in Nevada.