One Nevada Credit Union reports $590,000 profit

One Nevada Credit Union on Wednesday posted earnings of $590,051 for the first six months of 2012, as the credit union's bottom line benefited from introduction of new services such as mobile check deposit and "Our Advance," a payday loan product.

Las Vegas-based One Nevada lost more than $2.13 million for the first six months of last year.

Total assets stood at $693 million and net income was $7.6 million, the credit union reported in its midyear report. One Nevada set aside more than $6.5 million for potential loan losses, and $540,000 for federal deposit insurance.

"As the Nevada economy continues to remain sluggish, we are pleased that our credit union remains well capitalized and profitable," One Nevada President Brad Beal said.

As of June 30, One Nevada's net worth was $64 million, or 9.25 percent of total assets.

Beal said the credit union continues to refinance mortgages and auto loans for its members. One Nevada provided more than $40 million in Home Affordable Refinance Program 2.0 refinance mortgage loans and $10 million in auto refinance loans.

The credit union, which serves 76,000 members in Clark, Nye and Washoe counties, added more than 6,000 members in the first six months of 2012.

Contact reporter Chris Sieroty at or 702-477-3893.