One Nevada Credit Union reports $345,279 first-quarter profit

One Nevada Credit Union said Wednesday its first-quarter profit had doubled from the same period a year ago. The Las Vegas-based credit union reported net earnings of $345,279, compared with $157,672 for the first quarter of 2011.

Net income from operations topped $3.6 million in the quarter, said Brad Beal, president of One Nevada Credit Union.

However, net earnings continued to be negatively impacted by set asides for potential loan losses. The credit union set aside $2.9 million for potential loan losses in the first quarter, and paid $270,000 for federal deposit insurance.

Since Jan. 1, 2011, One Nevada has set aside about $20.4 million for potential loan losses, in light of continued weakness in the housing market. The credit union's net worth as of March 31 stood at $63.9 million, or 9.04 percent of total assets.

"As the local economy continues to struggle, we are pleased that our credit union remains well capitalized," Beal said in a statement.

Beal said One Nevada also issued $34 million in first mortgage loans and $17.5 million in automobile loans in the first quarter. The credit union with 706.2 million in assets operates 17 branches in Nevada that serve more than 77,000 members.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.