Lower credit costs, loan quality drive Nevada State Bank earnings

Nevada State Bank, a subsidiary of Zions Bancorp., on Friday reported third quarter earnings of $15.3 million, as lower credit costs and improving loan quality continued to drive the bank’s profits.

For the nine months ended Sept. 30, Nevada State Bank has earned $37.7 million.

“Our outstanding quarter and year-to-date financial results are a direct reflection of continuing improvement in loan quality,” said Dallas Haun, president and CEO of Nevada State Bank.

The Las Vegas-based bank also reported $174 million in year-to-date growth in its commercial, small business and consumer loan balances.

“Our eight small business banking centers, which were launched earlier this year, have produced solid results, reflecting the high level of service these centers provide to small businesses in our markets,” Haun said.

Nevada State Bank reported pre-tax income for the third quarter of $23.5 million, a slight decline from $27.9 million in the second quarter, but a continued increase from the $6.3 million in the first quarter of 2011.

Earnings for the third quarter 2010 were not available because individual releases for Nevada State Bank and other Zions subsidiaries weren’t released “until recently,” said Sandi Milton, vice president of public relations and events.

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

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