One Nevada Credit Union posts net income of $1.1 million
One Nevada Credit Union on Tuesday posted net income of $1.1 million for the first nine months of the year, a substantial turnaround from the $2.4 million loss the Las Vegas-based credit union reported for the same period last year.
"We are pleased to report continued positive trends through the first three quarters of 2012," One Nevada President and CEO Brad Beal said in a letter to members.
Total assets stood at $668.6 million and net income from operations was $12.3 million, the credit union reported in its third-quarter report. As of Sept. 30, One Nevada's net worth was $65 million, or about 9.7 percent of total assets.
"These results continue to place us among the strongest credit unions in the nation," Beal said.
One Nevada earned $530,764 in the third quarter, reversing a loss of $460,941 for the same period last year. The credit union posted net income of $244,721 in the second quarter and $345,279 in the first quarter of 2012
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
