Nevada State Bank reports $6 million third-quarter profit

Nevada State Bank, a subsidiary of Zions Bancorporation, on Friday reported earnings of $6 million for the third quarter, down from $15.3 million posted for the same period last year.

Despite the $9.7 million decline, the Las Vegas-based bank cited lower credit costs and improving loan quality for the positive earnings. For nine months ended Sept. 30, Nevada State Bank has earned $17.3 million.

"Loan production … remains robust with year-to-date new small business loan production of $42 million, as we continue to actively serve the Nevada entrepreneurs who are critical to our state's economy," said Dallas Haun, president and CEO of Nevada State Bank.

Nevada State Bank set aside $7.7 million for credit losses in the third quarter, compared with $5 million in the second quarter of 2012. The company said continued improvement in asset quality trends include a year-over-year decrease of 21 percent in nonperforming assets.

The bank also posted year-over-year growth in checking deposits, $90.2 million, and in consumer loan balances, $35.6 million.