LAS VEGAS The economic turnaround continues to improve the fortunes of some of the country’s hardest hit credit unions.
The latest to report ongoing improved financials is Silver State Schools Credit Union here, which posted Q2 net income of $7.48 million and year-to-date income of $8.65 million. Those numbers were boosted, however, by a one-time non-operating gain of $5 million. As is the case with many other credit unions, Silver State’s numbers also reflect a decrease in loan loss provisions, in its case to $2.9 million (versus $10.4 million one year ago). Loan delinquencies have declined to $1.04 million from $17 million one year ago. Over the same period in 2012 Silver State reported a $2.27 million loss.
Silver State Schools reported $654.5 million in assets as of June 30, down from a one-time high of almost $1 billion. It continues to count a $26 million loan from its deposit insurance provider, American Share Insurance, toward its capital.
