Silver State Schools Credit Union, the biggest and weakest of the four privately insured credit unions in Southern Nevada, lost $3.5 million in the first quarter, according a report posted with American Share Insurance on May 1.

The other three — Clark County Credit Union, Boulder Dam Credit Union and Plus Credit Union — earned profits.

In addition, Silver State continues to work with the lowest net capital ratio of the four.

It’s net capital of $24.4 million represents an anemic 3.1 percent of total $650.1 million in assets.

That $24.4 million in capital, however, apparently includes $26.4 million in loans that ASI, the mutual company that insures Silver States’ deposits, has made to the credit union.

Many financial analysts argue the loan should not be treated as capital.

If those analysts are correct, it would appear that Silver State has negative net worth. (Note: ASI provided $4.4 million in capital assistance in December to Silver State, and that follows $22 million in previously provided assistance, according to information that Keith Leggett’s Credit Union Watch attributes to the Las Vegas Review-Journal.)

Some analysts also feared that Silver State was so large that it’s failure would throw ASI into insolvency, thus leaving ASI-insured credit unions in Nevada, California, Ohio and other states without deposit insurance. Silver State has reduced its assets to $650 million from about $1 billion over the last several years and that possibly could minimize the losses for ASI if Silver State blows up, however.

The credit union has 266 loans that are two months past due and total $37 million. It charged off $15 million in loans during the first three months of 2012.

That should give the 59,000 members, many of whom are educators, cause for concern about what will happen if Silver State fails. But many espouse an almost religious belief in the viability of Silver State. In fact, Silver State Schools Credit Union is a sponsor of Vegas PBS television’s “Nevada Week in Review.” which Silver State’s former chairman and current vice chairman Mitch Fox hosts.

Clark County Credit Union, another ASI-backed credit union in Las Vegas, looks like a financial superman compared to Silver State.

It earned $1.5 million in the first quarter and has net worth equal to 7.6 percent of $489.1 million in total assets.

In comparison to Silver State, Clark County Credit Union reported far fewer loans past-due over two months: 45 for a total of $3.1 million.

Clark County Credit Union charged off $5 million in loans, about one-third of the charge-offs at Silver State. It has 33,000 members, many of them local government employees

As previously reported, Plus Credit Union earned $67,000 in the first quarter and Boulder Dam Credit Union earned $355,000 in the first quarter. ASI does not still post first-quarter, 2011 results which otherwise could be used for comparison.

All the other credit unions based in Southern Nevada rely on federal insurance through the National Credit Union Administration.