First Security Bank of Nevada said its net income for the second quarter increased by 583 percent over the same period last year because of strong loan growth.
The Las Vegas-based business bank earned $403,000, compared with $59,000 in the second quarter of 2012.
For the six months ended June 30, First Security Bank of Nevada posted net income of $435,00, compared with $262,000 compared with last year. The quarterly and six month net income amounts are the highest in the history of the bank, according to a company executive.
John Sullivan, president and CEO of First Security Bank of Nevada, said the improvement in earnings is attributable to strong loan growth in the bank’s portfolio, which grew by $13.4 million during the quarter to $85.8 million.
In an earnings report released late Friday, Sullivan noted that the bank had no loans past due over 30 days as of the end of the quarter. He also attributed the bank’s loan growth to gains on sales of SBA loans.
Founded on 2007, First Security Bank of Nevada has assets of $119.2 million and operates one branch in Las Vegas.
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