Nevada State Bank earns $21.8 million in 2012
Nevada State Bank, a subsidiary of Zions Bancorp, reported net earnings of $4.5 million in the fourth quarter, which helped the Las Vegas-based bank post 2012 earnings of $21.8 million.
Nevada State Bank President and CEO Dallas Haun said Monday that strong small-business lending and consumer loans helped profits.
"I am pleased to report our focus on these critical market segments produced combined new-loan originations of $242 million to Nevada's consumers and small businesses during the year," Haun said.
He said the positive annual and quarterly earnings continue a trend of positive annual and quarterly earnings since 2010.
"We remain committed to serving the small-business and consumer segments with a keen focus on SBA loans and residential mortgages," Haun said.
Year-over-year growth in checking deposits was $134.3 million to $1.78 billion, while consumer loans added $43.4 million to $726 million.
As of Dec. 31, Nevada State Bank had $4 billion in assets and 53 branches statewide.
Meanwhile, Salt Lake City-based Zions Bancorp on Monday posted a fourth-quarter profit that fell far short of expectations after taking a $73.6 million loss on collateralized debt obligation securities.
The bank holding company earned $35.6 million, or 19 cents per share, in the quarter ended Dec. 31. Analysts surveyed by Yahoo Finance expected fourth-quarter earnings of 39 cents per share.
Zions shares lost 9 cents, or 0.39 percent, to close at $22.89 on heavy volume of 3.44 million shares traded on the Nasdaq Global Select Market. The bank has averaged 2.48 million shares traded daily over the last three months.
Zions also announced it would auction $200 million of "noncumulative perpetual preferred stock" through Zions Direct on Wednesday. The price of each share is $25, a filing with the U.S. Securities and Exchange Commission shows.
Zions intends to use the cash proceeds for general corporate purposes, the filing said.
Contact reporter Chris Sieroty at
csieroty@reviewjournal.com or 702-477-3893.
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