One Nevada Credit Union reports $3.6 million profit


One Nevada Credit Union on Thursday posted net income of $3.6 million for the first six months of 2013, as one of the state’s largest credit unions continues to benefit from increased demand for consumer and mortgage loans.

The profitable first half of 2013 is a strong turnaround from the $590,051 loss One Nevada posted in the first six months of last year, and the $2.13 million loss for the same period in 2011.

“Even though the local economy remains sluggish, we continue to make sound financial progress,” Brad Beal, president and CEO of One Nevada, said.

Beal said One Nevada made more than $24 million in consumer loans and $88 million in first mortgage loans to its members in the first six months of the year. Total assets were $696 million, while One Nevada set aside $2.6 million in loan loss provision.

Beal said in the near future One Nevada is launching several new products, including Cash Perks, a cash-back program for using debit cards at selected retailers, and Keep Track, an online tool to track financial relationships.

Based in Las Vegas, One Nevada has 17 branches, and 75,000 members in Clark, Washoe and Nye counties.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.

 

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