Nevada State Bank on Wednesday reported net income for 2013 of $18.8 million, a 14 percent decline from the $21.8 million it reported for 2012. The Las Vegas-based bank also posted fourth quarter earning of $2.1 million, compared with $4.5 million last year.
Nevada State Bank said its fourth quarter income was adversely affected by a pre-tax impairment charge of $3.3 million on collateralized debt obligation, or CDO, securities as a result of its decision to reduce risk within its CDO portfolio.
The subsidiary of Salt Lake City-based Zions Bancorp also reported loan growth of $83.1 million for the fourth quarter and $198.8 million for 2013. The quarterly net income numbers continue a “trend of positive quarterly earnings since 2010,” the company said in its earnings release.
“The fourth quarter 2013 loan growth was our strongest since 2006 and reflects both our ongoing efforts to serve the state’s consumers and small businesses and continued improvements in the Nevada economy,” said Dallas Haun, president and CEO of Nevada State Bank.
Haun said he was especially encouraged by strong loan production in all sectors, including consumers, business and commercial real estate. There was also continued improvement in asset quality trends, including a year-over-year decrease of 61.9 percent in nonperforming assets.
Nevada State Bank has more than $4 billion in assets and 50 branches statewide.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893. Follow @sierotyfeatures on Twitter.