First Security Bank of Nevada announces record net income of $2.8 million

First Security Bank of Nevada reported record net income of $2.8 million for the year ended Dec. 31, a gain of $1.3 million, or 84 percent, compared with 2013.

On Dec. 31, total assets were $177 million, a 40.3 percent gain from the $126.2 million posted in 2013. The bank’s capital was $29.7 million on Dec. 31, a 42.1 percent increase from $20.9 million a year earlier.

Gross loans totaled $107.7 million on Dec. 31, up 11.7 percent from $96.5 million a year earlier. On Dec. 31, the allowance for credit losses was 1.1 percent of total loans.

Deposits totaled $146.9 million at year’s end, up 52.1 percent from $96.6 million a year earlier.

“First Security Bank had another strong year with significant increases in earnings, loans, and deposits,” First Security Bank CEO Jason Awad said in a statement. “We have grown without sacrificing asset quality as we continue to have no past-due loans.”

Separately, First Security Bank of Nevada announced the departure of John Sullivan as acting president and CEO, effective Feb. 27. Nancy DeCou will become First Security president and will continue as chief credit officer.

Awad, the board chairman, has already also assumed the CEO job.

First Security Bank of Nevada was founded in 2007.