The $643 million Silver State Schools Credit Union in Las Vegas reported net income of $2.76 million for the fourth quarter of 2014 and net income of $13.27 million for the year ending Dec. 31, 2014.
According to Silver State Schools, the credit union's net income was $13.55 million in 2013, which included a one-time non-operating gain of $5 million.
American Share Insurance, which insures the Silver State Schools' deposits, had to lend the credit union $22 million in February 2010, due to the impact of the recession.
Once Nevada's largest, the credit union had to close branches and reported some layoffs.
“Our performance in 2014 is very gratifying. Of course, we are pleased with what we have accomplished, but we are also mindful that we have benefited from a steadily improving local economy, as manifested by decreasing unemployment and increasing property values,” Andy Hunter, president/CEO of Silver State Schools, said.
“We are encouraged by these results, and look forward to continuing our progress and to serving the educational community in 2015,” he added.
The credit union reported deposits of $594 million, loans of $422 million and net worth of $44.4 million, according to Silver State Schools. Delinquent loans decreased from $13.0 million as of Dec. 31, 2013 to $4.7 million as of Dec. 31, 2014.
“As a consequence, the provision for loan losses decreased from a charge to earnings of $3.8 million in 2013, to a credit to earnings of $2.4 million in 2014,” a Silver State Schools press release said.
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