LAS VEGAS — Silver State Schools Credit Union Friday said its financial results for the quarter ending March 31 show "continued progress" as it reported net income of $2.88 million.
SSSCU had reported net income of $2.5 million for the first quarter of 2014, and $2.76 million for the fourth quarter of 2014.
Q1 2015 was its 12th consecutive quarter of positive earnings. The CU reported $13.27 million in net income for full year 2014.
Silver State Schools said its assets climbed again, to $659 million as of March 31. The CU dealt with plenty of red ink during the recession and painfully slow recovery here in Southern Nevada. Silver State Schools had $1 billion in assets prior to the financial crisis, but plummeted to $622 million at the end of 2012. The credit union is privately insured by American Share Insurance.
In 2009, Silver State Schools lost $50.8 million, followed by a loss of $21.4 million in 2010 and $8.4 million in 2011. After a much smaller net loss of $670,000 in 2012, the CU reported $13.55 million in net income for full year 2013, including a one-time, non-operating gain of $5 million during the third quarter.
In its Q1 results report SSSCU said delinquent loans remain "stable," increasing slightly from $4.7 million at Dec. 31, 2014 to $4.9 million at March 31, 2015. The CU noted loan delinquencies are "significantly lower" than the $10.3 million reported a year earlier, on March 31, 2014.
"As a result of the continued low delinquency and stability in the underlying collateral valuations in the Las Vegas market, the credit union was not required to fund additional amounts into its allowance for loan losses account during the first quarter," SSSCU said in a statement.
In previous reports, SSSCU's provision for loan losses decreased from a charge to earnings of $3.8 million in 2013, to a credit to earnings of $2.4 million in 2014.
"The credit union has begun 2015 on solid footing and we are pleased with our continued progress," said CEO Andy Hunter. "Nevada's economy continues to improve, with home prices recovering modestly and unemployment slowly decreasing as more jobs become available. These improvements positively impact both the credit union's members and the credit union's financial performance, resulting in strong earnings and a regulatory net worth ratio of 6.48%. We anticipate that our solid financial performance will continue through the rest of 2015."
As of March 31 SSSCU reported deposits of $613 million, total assets of $659 million and loans of $409 million. It said liquidity remained "strong" at $150 million, with regulatory net worth of $42.7 million.
Silver State Schools CU was chartered in 1951. It serves the educational community in the state of Nevada with nine locations throughout the Las Vegas valley.