Nevada State Bank reports improved second-quarter earnings

Nevada State Bank, a subsidiary of Zions Bancorporation, on Monday reported second-quarter earnings of $18.2 million, up from $4.2 million for the first quarter of the year.

For the six months ending June 30, the bank reported earnings of $22.3 million.

In a statement, the company attributed its earnings growth to "lower credit costs and improving loan quality."

"We are especially pleased with our progress on the loan quality front, which helped to produce our second consecutive quarterly profit for the bank," said Dallas Haun, president and chief executive officer.

Haun said the improvements to the company's loan portfolio were a sign of "some stabilization in the Nevada" banking market.

Nevada State Bank reported pre-tax income for the second quarter of $27.9 million, up from $6.3 million from the first quarter.

In a letter to clients also released Monday, Haun said the bank continues to upgrade its technology by installing new "Smart ATMs" in each of their 53 branches. He declined to discuss the cost of the upgrades.

The new ATMs allow customers to make deposits without envelopes or deposit slips, have deposited check images printed on their receipt and see cash deposits show up immediately in their available balance.

He said the bank has increased the number of ATMs in Walgreens stores to 73 statewide. By the end of the year, Haun wrote, customers will be able to use smart phones and other mobile devices to perform basic banking functions.