One Nevada Credit Union on Wednesday reported its second consecutive profitable year, as the state’s largest credit union continued to strengthen its balance sheet despite a sluggish economy.
The Las Vegas-based credit union posted net income of $6.4 million in 2013, compared with net income of $2.4 million in 2012, an increase of 167 percent. In 2011, it posted a net loss of $4.8 million.
“Our financial results continued to strengthen during the year despite the sluggish local economic recovery,” President and CEO Brad Beal said in an annual report to One Nevada members. “We added over $6 million to capital during the year, resulting in a net worth ratio of 10.4 percent.”
One Nevada’s earnings were hurt by $5.7 million in loan loss provisions and a $384,467 deposit insurance premium. Without the two payments, One Nevada’s net income would have been $12.5 million.
Beal described One Nevada as one of the “strongest credit unions in the nation.”
During 2013, One Nevada provided $160 million in first-mortgage loans and nearly $50 million in automobile loans. The credit union conducted more than 14 million debt and credit card transactions; it recorded more than 2.5 million ATM transactions.
The continued rollout of new products, including adding financial management software and merchant cash rewards to its online banking service, helped boost One Nevada’s bottom line last year. The credit union also introduced account alerts, which sends a text message every time a members’ debit card is used.
“Our mobile banking apps were also enhanced,” Beal said.
As of Dec. 31, One Nevada had total assets of $697.8 million, with $304.1 million in loans outstanding. The credit union, which is open for membership to all residents of Clark, Washoe and Nye counties, operates 16 branches in Las Vegas, Pahrump and Reno.
One Nevada also opened a new branch in 2013 in Reno, giving it two branches in Northern Nevada. The credit union on Jan. 1 closed its branch at 4437 W. Flamingo Road in a shopping center adjacent to the Palms.
One Nevada cited a business decline as its reason for closing the branch and ATM. A spokesman said the employees and branch operations were merged with the One Nevada branch at the corner of West Flamingo and South Fort Apache roads.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893. Follow @sierotyfeatures on Twitter.