First quarter earnings mixed for Southern Nevada banks

First-quarter earnings reported this week show varying results for a trio of Southern Nevada’s biggest regional banks.

City National Corp., parent of City National Bank, on Thursday posted first-quarter earnings of $54.5 million, up 6 percent from $51.5 million a year ago.

That amounts to earnings of 90 cents per share, which matches last year’s first- quarter earnings per share for the Los Angeles-based bank with nine branches in Nevada.

CEO Russell Goldsmith pointed to double-digit increases in loans, deposits and investment fee income, “as the company continued to invest in additional, people products and technology.”

“This year is off to a good start,” Goldsmith told analysts.

“I’m pleased that first-quarter net income grew six percent despite low interest rates and the run-off of covered assets. This growth underscores the fact that the fundamentals and momentum of our business remain positive.”

Shares of City National fell $1.26, or 1.65 percent, to close Thursday at $75.19 on the New York Stock Exchange.

Meanwhile, Bank of Nevada reported a gross loan balance of $1.72 billion, a drop of $31 million during the quarter, according to parent company Western Alliance Bancorp.

The 11 branches in Las Vegas, Henderson, North Las Vegas and Mesquite posted combined earnings of $14.8 million during the first quarter.

Western Alliance, which also operates banks in Arizona and California, reported income of $31.1 million, compared with $31.4 million for the fourth quarter of 2013 and $20.9 million for the first quarter of 2013.

Western Alliance CEO Robert Sarver told analysts that loans and deposits each grew more than $300 million in the first quarter this year.

“Our company is off to a strong start for 2014,” Sarver said. “Asset quality continued to improve with net loan recoveries and a reduction in nonperforming assets during the period.”

Shares of Western Alliance fell 62 cents, or 2.58 percent, to close Thursday at $23.39 on the New York Stock Exchange.

Earlier this week, Zions Bancorp, the parent company of Nevada State Bank, reported first-quarter earnings that fell about 8.6 percent in 2014.


Rules for posting comments

Comments posted below are from readers. In no way do they represent the view of Stephens Media LLC or this newspaper. This is a public forum. Read our guidelines for posting. If you believe that a commenter has not followed these guidelines, please click the FLAG icon next to the comment.


Due to an increase in uncivil behavior and dialogue the Review-Journal has temporarily disabled the comment boards. The Review-Journal will use the time to evaluate the effectiveness of the comment boards and find an appropriate time to reintroduce them to