Chalk up another profitable quarter for the recovering $644 million Silver State Schools Credit Union, which reported this week it had reported $1.18 million in net income for the first quarter.

One year ago, the Las Vegas credit union reported a $3.5 million net loss during the same period.

Loan delinquencies continued a declining trend, dropping to $17.7 million in the first quarter from $19 million at Dec. 31, 2012 and $37.1 million one year prior.  

Although Silver State School's provision for loan losses increased to $2.1 million in the first quarter from the $1.5 million in the fourth quarter of 2012, provisions have dramatically improved from the $6.8 million loan loss provision reported in the first quarter of 2012.

CEO Andy Hunter said in Thursday's news release that the Nevada credit union has had a good start to 2012, and has generated approximately $4 million in cumulative net income in the past 12 months.

He acknowledged that the local Las Vegas economy is still recovering and still poses some risk, but Silver State School is ready for the opportunity to serve its members.

“As we regain our financial footing, we are optimistic that our progress will continue,” Hunter said. 

At one time Nevada's largest credit union with $1 billion in assets, Silver State Schools fell upon hard times when the housing market crashed and took the Las Vegas economy with it.

In February 2010, American Share Insurance, which solely insures the credit union's deposits, was forced to lend the 56,659-member institution $22 million to keep it afloat.