There is no clear right or wrong answer to this from Google, Yahoo! or Bing, but, in truth, Mike, it has been a common practice of developers for a long time, as a way to add logos or custom headers where fonts cannot be processed using CSS (think text style in crispy color in Photoshop or using fonts , t is licensed to use @font-face ).
While this is not heavily used on your site (stick to logos and headings, not body copies), and hidden text does not contain any extra keywords, you will probably be fine. Take a look at google.co.uk and you will see that they hide h1 there with visibility: hidden;
It is important to consider accessibility. Accessible sites are more SEO oriented because the content is accessible to everyone. Will your site still be used if someone has enabled CSS but the images have been disabled? This is not uncommon, and with the increasing use of mobile phones, people can do this to lower the cost of data.
source share