LAS VEGAS – Silver State Schools Credit Union reported net income of $2.74 million in the first quarter of 2016, as compared to net income of $2.88 million for the first quarter of 2015, and $4.19 million for the fourth quarter of 2015.
The $690 million SSSCU said its first quarter figure "showed continued progress," and represented its 16th consecutive quarter of positive earnings.
Improving credit quality "contributed significantly" to the credit union's positive results, SSSCU said in a statement. Delinquent loans have "declined substantially" to $2.8 million as of March 31, 2016, versus $4.9 million for the same quarter ending March 31, 2015. Delinquent loans were $3.5 million as of Dec. 31, 2015.
In addition to increased underlying collateral valuations in the Las Vegas market, the credit union said it continues to see "improvement" in core earnings.
CEO Scott Arkills said, "Our financial performance for the first quarter of 2016 continues to be strong. As reflected in our first quarter results, the credit union continues to benefit from improving asset quality and steady loan growth. We are certainly pleased by our positive results, and the credit union has progressed financially due in part to the improving Las Vegas economy."
As of March 31, 2016, SSSCU reported deposits of $645 million, total assets of $690 million and loans of $427 million. It said liquidity "remains strong" at $140 million, with regulatory net worth at $43.6 million, equal to 6.32% of total assets.
"In the first quarter of 2016, we achieved strong financial results primarily buoyed by improved asset quality and net interest income. We are encouraged by these results, and look forward to implementing future innovations that will serve the educational community throughout 2016 and into the future," Arkills said.
The CU was battered during the recession and endured the 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. It earned $13.2 million in 2014 and $14.69 million in 2015.
Silver State Schools was founded in 1951. It serves more than 50,000 members of the educational community and their families in Nevada with eight branches throughout the Las Vegas Valley.
