LAS VEGAS – Two credit unions that suffered terribly during the recession – One Nevada CU and Silver State Schools CU – continued their rebound with superb numbers in 2015.
One Nevada CU on Friday said it had net income of $10.2 million in 2015, with its net worth ratio hitting 11.4% as of Dec. 31. Its total assets reached $785 million, up from $729 million at the end of 2014.
In 2014 One Nevada posted net income of $7 million. It earned $6.4 million in 2013.
In 2015 One Nevada CU achieved record volumes in auto loans, credit cards and mortgage loans. It said loan delinquency and provision for loan losses figures fell to pre-recession levels. The credit union also welcomed 14,434 new members.
"We are thrilled with our 2015 results," Brad Beal, One Nevada's president and CEO, said in a statement. "I am very proud of our staff on a record-breaking year in many aspects. Although the Nevada economy improved in 2015, we still have a close eye on the local employment and housing numbers. We plan on continuing a conservative posture in 2016 while continuing to provide superior financial services to our member-owners."
Three Strong Years for Silver State
Also Friday, Silver State Schools Credit Union reported fourth quarter net income of $4.19 million and net income for the year ended Dec. 31, 2015, of $14.69 million.
Net income for 2015 was 11% higher than 2014 net income of $13.3 million.
Silver State Schools CU said improving credit quality "contributed significantly" to its results. The credit union recorded a credit to the provision for loan losses in 2015 of $3.7 million, following a credit of $2.4 million in 2014.
Over the past two years, delinquent loans have declined from $13.0 million as of Dec. 31, 2013, to $4.7 million as of Dec. 31, 2014, and to $3.5 million as of Dec. 31, 2015.
"Our financial performance this year has been very strong," Andy Hunter, Silver State Schools CU's president and CEO, said in a statement. "We are certainly proud of our results, and that the credit union has been able to take advantage of a steadily improving local economy. We also are very grateful for the continued loyalty and patronage of our members."
As of Dec. 31, 2015, SSSCU reported deposits of $619 million, total assets of $667 million, and loans of $423 million. The credit union said liquidity "remains strong," with its regulatory net worth at $45.3 million, equal to 6.8% of total assets.
"In 2015 we achieved strong financial results for the third consecutive year, reporting 15 consecutive quarters of net income," Hunter said. "We are encouraged by these results, and look forward to continuing our progress and to serving the educational community in 2016."
