First Security Bank of Nevada posts $504,000 third-quarter profit

First Security Bank of Nevada on Wednesday posted net income of $504,000 for the third quarter, a $443,000 turnaround from the same period a year ago.

"I'm very happy with the progress," said Jason Awad, chairman of the board of First Security Bank of Nevada. "It's very exciting to know that we are moving forward. Our focus is on the local economy and small businesses."

The Las Vegas-based community bank reported a net loss of $61,000 for the third quarter of 2011.

Awad said the bank's quarterly net income would have been "much higher" except for $229,000 that was set aside for loan loss provision. As of Sept. 30, First Security's total assets were $106 million; total loans stood at $71 million.

He attributed the bank's loan growth to its participation in federal USDA and SBA loan programs and loan sales, which have been key factors in driving the growth in profitability.

"We are seeing signs of improvement in the local economy on a daily basis," Awad said. "Tourism, the housing market and the financial health of small- and medium-size businesses … continue to show signs of recovery."

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.