LAS VEGAS – One Nevada CU, the state’s largest credit union, reported net income yesterday of $590,051 for the first six months of the year, compared to a loss of $2.3 million for the first half of 2011.
One Nevada, formerly Nevada FCU, set aside more than $6.5 million for potential loan losses, and $540,000 for NCUA’s corporate credit union bailout assessment in the first half.
Like most Nevada credit unions, One Nevada has reported significant losses for the past few years, including a loss of $4.2 million for 2010 and a loss of $4.8 million for 2011.
Bradley Beal, president of One Nevada, told Credit Union Journal he “Certainly is pleased that we are back in the black, even though it is only marginally.”
“The Nevada economy has taken some baby steps in the right direction, and we are grateful for that, but the local economy and the credit union have a long way to go before we can call it a recovery,” he said. “Our loan losses have been slowly declining over the last 18 months, but we are at a 4% charge-off level we consider fairly high. We continue to say things are less bad, as charge-offs peaked at about 5.75%. Our delinquencies are coming down, as well, an indication of better times ahead. On June 30 our delinquency rate was rate was right about 2.5% for the portfolio overall, about half of what it was at the peak.”