Las Vegas-based Silver State Schools Credit Union released its second quarter financial results for 2016, showing continued progress since the $698 million-asset institution endured tumultuous times following the economic collapse and the Great Recession. This most recent financial statement marks the 17th consecutive quarter of growth.
The credit union, which is privately insured through Dublin, Ohio-based American Share Insurance, reported a net income of $5.02 million – a slight increase from 2015 – and year-to-date earnings of $7.76 million, $800,000 less than reported in the second quarter of 2015.
"The 2016 and 2015 earnings included a credit to the provision for loan losses of $2.5 million and $2.6 million, respectively," the CU said in a statement.
The CU's delinquent loans have also shown improvement, declining from $4.4 million in June 2015 to $3.5 million in December 2015; the most recent results show delinquent loans at $3.3 million. This enabled SSSCU to not apply additional funding to its Allowance for Loan Losses account for the second quarter.
"Our financial performance for the second quarter of 2016 continues on solid footing," Silver State's CEO Scott Arkills said. "Our earnings were strong even apart from the benefit we recognized from the reduction of the Allowance for Loan Losses account."
Silver State reported deposits of $644 million and loans of $429 million. The CU's liquidity "remains strong," they said, at $151 million. They reported their regulatory net worth at $48.6 million, which is equal to 6.96% of the CU's total assets.
"We remain encouraged by these results, and look forward to continuing our progress and seeking out ways to best serve the educational community in 2016. As always, we are very grateful for the continued loyalty and patronage of our members," Arkills added.
Prior to the financial crisis, SSSCU held $1 billion in assets, this number declined significantly to $622 million at the end of 2012. In 2009, Silver State Schools lost $50.8 million; the CU reported losses of $21.4 million in 2010 and $8.4 million in 2011.
