LAS VEGAS - (July 29, 2019) — Silver State Schools Credit Union’s (SSSCU) financial results for the quarter ending June 30, 2019, reflect sustained growth and progress in lending, deposits, and profitability, as SSSCU reported its 29th consecutive quarter of positive earnings. The Credit Union reported net income of $2.55 million in the second quarter of 2019 and year-to-date earnings of $4.28 million, as compared to net income of $2.55 million and year- to-date earnings of $4.74 million in 2018. Year-to-date earnings included a charge to the provision for loan losses of $1.00 million in 2019, as compared to $703 thousand in 2018. Excluding the charges to the provision for loan losses, core year-to-date earnings for 2019 were $5.28 million, as compared to $5.44 million for 2018. Steadily improving net interest margin, consumer loan growth, and overall asset quality all contributed to the Credit Union’s most recent results. The net interest margin ratio increased from 3.33% at June 30, 2018 to 3.57% at June 30, 2019, reflecting an increase in consumer loan portfolio balances and a higher yielding loan portfolio. The loan-to-share ratio increased from 79.19% at June 30, 2018, to 86.63% at June 30, 2019, reflecting increasingly strong loan demand. Due to favorable credit and economic conditions, the total allowance for loan losses decreased from $2.79 million or 0.50% of total loans at June 30, 2018 to $2.69 million or 0.44% of total loans at June 30, 2019.
Scott Arkills, President & CEO, noted, “We are consistently improving our financial strength as evidenced by our increasing regulatory capital ratio and overall financial and asset quality performance. Our net income continued to trend strongly for the second quarter of 2019, reflecting excellent loan growth, sustained asset quality performance trends, as well as 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 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 an imperative goal to SSSCU that we assist our members in reaching their financial dreams and aspirations.”
As of June 30, 2019, SSSCU reported deposits of $700 million, total assets of $790 million, and loans of $606 million. Liquidity remains strong at $79 million, and the credit union’s regulatory net worth stands at $83.8 million, equal to 10.61% of total assets.
About Silver State Schools Credit Union
Silver State Schools Credit Union (SSSCU), founded in 1951, is a state-chartered financial co-operative.
The Credit Union serves over 54,000 members of the educational community and their families in Nevada with nine branches throughout the Las Vegas Valley. SSSCU provides “Excellent Member Service and Financial Solutions – for Life!” via a wide range of banking products, discounts and resources. 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. For more information, visit silverstatecu.com.