One Nevada Credit Union on Wednesday posted net income for the first nine months of the year that topped $5 million as the Las Vegas-based credit union continues to set aside less for potential loan losses.
One Nevada reported earnings of $5.5 million, compared with earnings of $1.1 million for the same period last year. The credit union reported a loss of $2.4 million for the first nine months of 2011.
Brad Beal, president of One Nevada, attributed most of the profit to “less funds set aside for potential loan losses.” As of Sept. 30, the credit union had $3.7 million in loan loss provision, according to an earnings statement.
“Historically, it’s high, but its far less than the $10.6 million set aside for the first nine months of last year,” Beal said. “The economy is improving somewhat. We are very grateful to be where we are.”
Beal said real estate lending and debit and credit cards also contributed to the credit union’s earnings. Net income from operations was $9.3 million for the first nine months of 2013.
One Nevada reported a third-quarter profit of $1.9 million, compared to $530,764 in the same period last year, and a loss of $244,721 in the third quarter of 2011.
One Nevada, which is open for membership to all residents of Clark, Washoe and Nye counties, reported $691.5 million in assets, 17 branches and 75,500 members.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893. Follow @sierotyfeatures on Twitter.