Las Vegas, NV — Silver State Schools Credit Union’s (SSSCU) financial results for the quarter ending March 31, 2015, show continued progress as SSSCU reported its twelfth consecutive quarter of positive earnings. The Credit Union reported net income of $2.88 million in the first quarter of 2015 as compared to net income of $2.50 million for the first quarter of 2014, and $2.76 million for the fourth quarter of 2014.
Delinquent loans remain stable, increasing slightly from $4.7 million at December 31, 2014 to $4.9 million at March 31, 2015, but are significantly lower than the $10.3 million reported a year earlier at March 31, 2014. As a result of the continued low delinquency and stability in the underlying collateral valuations in the Las Vegas market, the Credit Union was not required to fund additional amounts into its allowance for loan losses account during the first quarter.
CEO Andy Hunter noted, “The Credit Union has begun 2015 on solid footing and we are pleased with our continued progress. Nevada’s economy continues to improve, with home prices recovering modestly and unemployment slowly decreasing, as more jobs become available. These improvements positively impact both the Credit Union’s members and the Credit Union’s financial performance, resulting in strong earnings and a regulatory net worth ratio of 6.48%. We anticipate that our solid financial performance will continue through the rest of 2015.”
At March 31, 2015, SSSCU reported deposits of $613 million, total assets of $659 million and loans of $409 million. Liquidity remains strong at $150 million, with regulatory net worth of $42.7 million. “We are privileged to serve our members; ever so grateful to them for their loyalty and support; and, we appreciate the opportunity to help them meet their financial needs and goals,” Hunter concluded.
# # #
By members’ choice, member shares and deposits are insured by American Share Insurance up to $250,000 per account. This institution is not federally insured. Silver State Schools Credit Union was founded in 1951, and serves the educational community in the state of Nevada with 9 locations throughout the Las Vegas valley.