LAS VEGAS — Nevada State Bank reported net earnings of $6.9 million for the quarter ended March 31. Lower credit costs and improving loan quality continued to drive the earnings improvements.
First quarter 2012 highlights include:
• Net income of $6.9 million for the first quarter, compared to net income of $4.2 million for the first quarter 2011
• Continued improvement in asset quality trends, including a year-over-year decrease of 46 percent in non-performing assets
• Deposit growth of $140 million for the 12 months ended March 31
• Year-over-year growth in consumer loan balances of $57.9 million
“We are pleased to report our fifth consecutive quarter of profitability, highlighted by further improvements in nearly all measurements of asset quality,” said Dallas Haun, president and chief executive officer, in a press release.
He continued, “While loan growth remains a challenge in Nevada, we continue to deploy lending products that directly address some of the economic challenges facing our communities, such as home refinance loans that allow qualified Nevadans to refinance up to 100 percent of the value of their homes, and low-rate business loans. We continue to view our success as tied very closely to that of Nevada’s, and thus we remain committed to exploring ways in which we can directly contribute to our state’s economic recovery.”
For more information about Nevada State Bank, call 702-383-0009 or visit www.nsbank.com.