LAS VEGAS — Silver State Schools CU reported its sixth straight quarterly profit, but the one-time $1 billion institution, one of the biggest privately insured credit unions, still has a huge hole to fill from losses racked up during the state's financial crisis.
Silver State continued to see its assets erode in the third quarter, to $638.4 million from $654.5 million at mid-year, but reported a $2.2 million third quarter net and $10.9 million net for the first nine months of the year, $5 million of it from an undisclosed third quarter non-operating gain.
That compares with a net loss of $1.6 million for the first nine months of 2012.
"We are pleased that our third quarter results mark six consecutive quarters in which we had positive net income. Our overall financial performance continues to reflect steady progress." Silver State President Andy Hunter said in a statement.
The earnings have helped Silver State — at one time Nevada's biggest credit union -- add to its net worth, which is now $31.7 million. Most of that, however, is the almost $27 million in emergency financial assistance provided by its deposit insurer, ASI Inc., which the credit union is allowed to count as "regulatory capital."
In addition, Silver State still had $62.1 million of negative undivided earnings at Sept. 30, according to its third quarter Call Report.
Silver State reported more than $80 million of losses from 2009 to 2011, necessitating a supervisory agreement with state regulators and the infusion of capital from ASI.
A public relations representative declined to make a credit union executive available for more specific comment.
