One Nevada Credit Union posts $2.48 million in profits for 2012
One Nevada Credit Union on Wednesday reported net income of $2.48 million for 2012, a dramatic turnaround for the Las Vegas-based credit union that posted a net loss of $4.8 million in 2011.
The credit union's net worth was $66 million, or 9.9 percent of total assets.
"As such, we remain one of the strongest credit union in the nation," Brad Beal, president and CEO of One Nevada, said in a note to members.
During 2012, One Nevada provided over $238 million in mortgage loans, including $123 million in HARP 2.0 refinance loans. The credit union also issued $52 million in automobile loans last year.
One Nevada's bottom line was helped by the introduction of new products, including remote-deposit capture, allowing members to take a picture of a check and electronically deposit it. The credit union reported net interest income of $22.2 million last year.
As of Dec. 31, One Nevada had set aside $12.5 million in loan loss reserves, as well as paid a $540,000 Federal Deposit Insurance premium. The credit union, which is open for membership to all residents of Clark, Washoe and Nye counties, reported $665.4 million in assets, 17 branches, and 75,500 members.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
