LAS VEGAS-Silver State Schools Credit Union continues to claw its way out of a deep hole, but says its numbers are heading in the right direction.
Silver State dropped from $1 billion in assets prior to the financial crisis to $653 million at the end of 2011 and $626 million at the end of Q3 2012. Although it lost $8.4 million last year, CEO Andy Hunter pointed out the red ink was a significant improvement over 2010, when it lost $21.4 million, and 2009, when it lost $50.8 million.
Silver State Schools reported $642,000 in net income for Q3 this year, which reduced its YTD net loss through Sept. 30 to $1.6 million. Keeping with the theme of improvement, management noted Q3 2011 saw a loss of $2.8 million and a then-YTD loss of $5.5 million.
"The credit union's financial results continue to improve as we approach year end," Hunter recently told Credit Union Journal. "We have seen a significant decline in loan losses and a slight uptick in net income. These developments, along with ongoing efforts to enhance revenue and control costs, have resulted in real progress."
According to Hunter, looking ahead to 2013 the credit union "realistically anticipates" a break-even year as Nevada continues its economic recovery.
As reported in Credit Union Journal, private deposit insurer American Share Insurance has lent $26.4 million to Silver State that has been used to boost its net worth.
"Any repayment is contingent upon the credit union's ongoing financial recovery," he explained. "Once SSSCU sustains 6% regulatory net worth, then a portion of the capital assistance may be repaid."