LAS VEGAS — Silver State Schools Credit Union had $2.76 million in net income during the fourth quarter of 2014 — its 11th consecutive profitable quarter — and $13.27 million in net income for the year.
The $643 million 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 the last 12 months SSSCU said delinquent loans declined "significantly," from $13 million as of Dec. 31, 2013, to $4.7 million on Dec. 31, 2014. "As a consequence, the 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 said in a statement.
"Our performance in 2014 is very gratifying," said CEO Andy Hunter. "Of course we are pleased with what we have accomplished, but we also are mindful that we have benefited from a steadily improving local economy, as manifested by decreasing unemployment and increasing property values. Even more importantly, we appreciate the continued support of our members."
As of Dec. 31, 2014, SSSCU reported deposits of $594 million and loans of $422 million. It said liquidity remains "strong" and regulatory net worth stands at $44.4 million.
"In 2014 we achieved strong financial results for the second consecutive year," said Hunter. "We are encouraged by these results, and look forward to continuing our progress and to serving the educational community in 2015."
