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First Security Bank of Nevada tops $1 million in 2013 profits

First Security Bank of Nevada on Thursday cited double-digit loan growth last year as one of the reasons for breaking the $1 million mark in net earnings for 2013. The Las Vegas-based business bank said net income last year was $1.01 million, up from $420,000 in 2012.

Net income for the fourth quarter was $286,000, compared with a loss of $347,000 for the same period in 2012. The bank posted a 0.84 percent return on average assets last year, compared with 0.38 percent in 2012.

John Sullivan, president and CEO of First Security Bank of Nevada, said he was pleased with the bank’s results, especially with the significant improvement in the quality of its loan portfolio. The bank also reported no loans as past due as of Dec. 31.

Total loans grew $24 million, or 33 percent, last year to $96.5 million, while the bank’s capital jumped $3.7 million last year to $24.6 million.

Sullivan said he remains “very bullish on the local economy” and expects another strong year of loan growth. First Security Bank of Nevada, which was founded in 2007, operates one branch and has assets of $126 million.

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

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