One Nevada Credit Union reports $1.3 million first-quarter profit

One Nevada Credit Union reported a first-quarter profit that more than tripled from the same period a year ago primarily because of reduced loan loss provision.

The Las Vegas-based credit union reported net earnings of $1.33 million, compared with $345,279 for the first quarter of 2012.

Net income from operations topped $3 million in the quarter, according to the credit union.

“Our portfolio continues to strengthen as our economy improves,” Brad Beal, president of One Nevada Credit Union, said Monday.

One Nevada’s earnings were positively affected by less money being set aside for potential loan losses. The credit union set aside $1.6 million for potential loan losses, compared with almost $3 million in the first quarter of last year.

In a note to members, Beal said, “Past due loans in both our consumer and residential real estate loan portfolios have returned to near pre-recession levels.”

One Nevada closed more than $43 million in first mortgage loans, and almost $11 million in automobile loans. The credit union, with $689.3 million in assets, operates 17 branches in Nevada that serve more than 75,000 members.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.