Nevada State Bank reports $33.1 million in loan growth


Nevada State Bank, a subsidiary of Zions Bancorp., on Friday reported loan growth of $33.1 million for the first quarter of 2014.

The bank’s year-over-year loan growth was $233.9 million, and the company posted a net income of $2.3 million. That extended a positive trend of quarterly earnings since 2010, according to a news release.

Dallas Haun, Nevada State Bank president and CEO, said in the release that the loan growth has continued since the second quarter of 2013. He added that the loan balances reflect “our commitment to fund the needs of consumers and businesses in Nevada.”

Earlier this week, Zions reported that its first quarter earnings fell about 8.6 percent in 2014, as the company worked to meet Federal Reserve stress test standards.

The Fed found that Zions, alone among 30 major banks, failed a measurement of financial capital during a hypothetical economic collapse, which envisioned a deep recession, a rise in unemployment and plummeting home prices.

In the Nevada State Bank quarterly report, the company pointed to improvements in asset quality, which included dropping 47 percent in nonperforming assets.

The Salt Lake City regional lender, which operates 50 Nevada State Bank branches statewide, expects to resubmit its plans to the Fed by the end of this month.

Contact reporter David Ferara at 702-387-5290 or dferrara@reviewjournal.com. Follow @randompoker on Twitter.

 

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