Nevada State Bank reports earnings boost in quarter
Nevada State Bank, a subsidiary of Zions Bancorp, on Wednesday reported first-quarter earnings rose by $2.7 million compared with last year, as ongoing improvement in the bank's asset quality continued to drive profits.
The bank said net earnings were $6.9 million, compared with $4.2 million in the first quarter of 2011. Nevada State Bank posted a year-over-year decrease of 46 percent in nonperforming assets.
"We are pleased to report our fifth consecutive quarter of profitability, highlighted by further improvements in nearly all measurements of asset quality," said Dallas Haun, president and CEO, in a statement.
Haun noted that deposits grew by $140 million for the 12 months ended March 31, while year-over-year growth in consumer loan balances grew by $57.9 million. Haun said "loan growth remains a challenge" in Nevada.
Las Vegas-based Nevada State Bank is the largest state-chartered bank in Nevada, with assets of more than $4.2 billion.
"We continue to view our success as tied very closely to that of Nevada's, and thus we remain committed to exploring ways in which we can directly contribute to our state's economic recovery," Haun said.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
