LAS VEGAS – Nevada State Bank (“the Bank”), a subsidiary of Zions Bancorporation, reported loan growth of $83.1 million and $198.8 million for the three and 12 months ended Dec. 31, 2013, respectively. Net income for the three and 12 months ended Dec. 31, 2013 was $2.1 million and $18.8 million, respectively.
The fourth quarter income of $2.1 million is net of a pre-tax impairment charge of $3.3 million on collateralized debt obligation (CDO) securities as a result of the Bank’s decision to reduce risk within its CDO portfolio, and the impact of the final provisions of the Volcker Rule.
“The fourth quarter 2013 loan growth was our strongest since 2006 and reflects both our ongoing efforts to serve the state’s consumers and small businesses and continued improvements in the Nevada economy,” said Dallas Haun, president and chief executive officer. “What is especially encouraging is that loan production was strong in all sectors, including consumer, business and commercial real estate.”
Fourth Quarter 2013 Highlights
- Year-to-date and quarter-to-date loan growth of $198.8 million and $83.1 million, respectively.
- Net income of $2.1 million and $18.8 million for the three and 12 months ended Dec. 31, 2013, respectively, continuing a trend of positive quarterly earnings since 2010.
- Continued improvement in asset quality trends, including a year-over-year decrease of 61.9% in nonperforming assets.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank, with assets of more than $4.0 billion, is the largest state-chartered bank in Nevada. A full-service bank with 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 (Nasdaq: ZION), one of the nation's premier financial services companies. With affiliates in 10 Western and Southwestern states, 140-year-old Zions Bancorporation has assets of $55.2 billion. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.
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