Silver State Schools Credit Union’s (SSSCU) financial results for the quarter ending March 31, 2019, reflect sustained growth and progress in lending, deposits, and profitability. The Credit Union reports net income of $1.73 million in the first quarter of 2019 as compared to net income of $2.19 million for the first quarter of 2018. The first quarter 2019 earnings included a charge to the provision for loan losses of $839K, compared to the provision for loan losses of $337K for the first quarter of 2018. Excluding the charges to the provision for loan losses, core earnings for the first quarter of 2019 was $2.57M, as compared to $2.52M for the first quarter of 2018.
Steadily improving net interest margin, consumer loan growth, and overall asset quality contributed to the Credit Union’s most recent results. The net interest margin ratio increased from 3.24% at March 31, 2018 to 3.56% at March 31, 2019, reflecting an increase in consumer loan portfolio balances and a higher yielding loan portfolio. Due to favorable credit and economic conditions, the total allowance for loan losses as a percentage of total loans decreased from 0.51% at March 31, 2018 to 0.50% at March 31, 2019. During the same time period, delinquent loans as a percentage of total loans decreased from 0.39% to 0.20%.
Scott Arkills, President/CEO, noted, “We are consistently improving our financial strength as evidenced by our increasing regulatory capital ratio and overall performance. Our net income continued to trend strongly for the first quarter of 2019, reflecting excellent loan growth, sustained improvements in asset quality, and a strong deposit retention rate. The Credit Union has benefitted from improved consumer confidence, low unemployment trends, and continues to improve substantially each quarter, with positive earnings for the past seven consecutive years. Silver State Schools Credit Union is pleased with and encouraged by our positive results and current financial position. We look forward to pursuing our goal of building on our already strong and ever-improving base, and to serving our members and building our members trust, with best-in-class service and financial solutions, throughout 2019 and beyond. It is imperative that we assist our members in reaching their financial dreams and aspirations.”
As of March 31, 2019, SSSCU reports deposits of $703 million, total assets of $789 million, and loans of
$592 million. Liquidity remains strong at $88 million, and the Credit Union’s regulatory net worth stands at
$81.3 million, equal to 10.30% of total assets.