First Security Bank of Nevada reports 216 rise in profits

First Security Bank of Nevada on Friday reported a 216 percent increase in profits for the first quarter of 2015 compared with the same period in 2014.

Net income was $851,000 for the first three months of 2015, a $582,000 jump over the $269,000 reported for the same three months of 2014, First Security Bank of Nevada, the bank said in a statement.

As of March 31, the bank’s total assets were $164.8 million, an increase of $21.8 million, or 15 percent, over the $143 million reported at March 31, 2014. First Security Bank of Nevada’s capital was $30.6 million at March 31 — an increase of $3.9 million, or 15 percent, over the $26.7 million at March 31, 2014.

In addition, gross loans totaled $111.6 million at March 31, an increase of $12.2 million, or 12 percent, from the $99.4 million reported at March 31, 2014.

Deposits totaled $133.4 million at March 31, an increase of $21.7 million, or 19 percent, compared to the $111.7 million at March 31, 2014.

In its statement, First Security Bank of Nevada said Sanford Sadler has joined as president and chief credit officer.