LAS VEGAS, NEVADA – Nevada State Bank, a subsidiary of Zions Bancorporation, reported net earnings of $6.0 million for the quarter ended September 30, 2012, and earnings for the nine months ended September 30, 2012 of $17.3 million. Lower credit costs and improving loan quality continued to contribute to the positive earnings.
“Nevada State Bank is pleased to report continued growth in consumer loans and a 35% increase in net income from the second quarter of 2012,” said Dallas Haun, president and chief executive officer. “We are also pleased with the continued strong improvement in credit quality.”
Third Quarter 2012 Highlights
- Net income of $6.0 million for the third quarter, compared to net income of $4.4 million for the second quarter 2012
- Pre-tax, pre-provision for credit losses income of $7.7 million for the third quarter, compared to $5.0 million for the second quarter 2012
- Continued improvement in asset quality trends, including a year-over-year decrease of 21% in nonperforming assets
- Year-over-year growth in checking deposits of $90.2 million, or 5.5%
- Year-over-year growth in consumer loan balances of $35.6 million, or 5.2%
Haun continued, “We continue to view consumer and small business lending as our number one priority, and we are proud to announce that our consumer loans outstanding hit an all-time high at September 30, 2012. Loan production from our eight Business Centers remains robust with year-to-date new small business loan production of $42 million, as we continue to actively serve the Nevada entrepreneurs who are critical to our State’s economic recovery.”
About Nevada State Bank
Nevada State Bank, with assets of more than $4.0 billion, is the largest state-chartered bank in Nevada. A full-service bank with more than 50 branches statewide, Nevada State Bank offers a complete range of consumer, private and business banking services. It is a subsidiary of Salt Lake City-based Zions Bancorporation, one of the nation's premier financial services companies. For more information on Nevada State Bank, call 800-427-4743 or access www.nsbank.com.