Bank of Nevada reports net income of $10.6 million in first quarter

Bank of Nevada, a subsidiary of Western Alliance Bancorp., on Friday reported first-quarter net income of
$10.6 million, compared with $7.6 million in the fourth quarter and $1 million in the same period last year.

The Las Vegas-based bank reported loans increased by $118 million in the quarter to $2.3 billion. In an earnings report, Bank of Nevada attributed the loan growth primarily to a rise in commercial real estate and commercial and industrial loans.

“We’re very pleased to report continued strong improvement in our performance with consistent profitability and asset growth over the past nine quarters,” said Bruce Hendricks, CEO of Bank of Nevada. “Net income was $10.6 million for the first quarter, ten times what it was in the first quarter a year ago.

“Deposits increased by $37 million in the first quarter to $2.61 billion.”

Bank of Nevada has assets of $2.9 billion, with 12 offices in Las Vegas, Henderson, North Las Vegas and Mesquite.

Robert Sarver, chairman and CEO of the bank’s parent company, Western Alliance, said the $55 million acquisition of Western Liberty Bancorp and its subsidiary Service1st Bank of Nevada were integrated into the company with minimal customer impact.

Service1st Bank’s single Las Vegas branch was taken over by Bank of Nevada.

“The transaction added 0.15 cents to earnings per share,” Sarver said.

Western Alliance posted net income of $21 million, 24 cents per share, in the first quarter, compared with $11.3 million, 12 cents per share, in the same period last year.

Shares of the Phoenix-based bank holding company gained 70 cents, or
5.15 percent, to close at $14.28 on the New York Stock Exchange.

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