LAS VEGAS, NEVADA – Nevada State Bank (“the Bank”), a subsidiary of Zions Bancorporation, reported loan growth of $33.1 million for the three months ended March 31, 2014. Net income for the three months ended March 31, 2014 was $2.3 million.
The first quarter income of $2.3 million is net of a pre-tax loss on the sale of collateralized debt obligations (“CDOs”) of $3.8 million as a result of the Bank’s decision to reduce risk within its CDO portfolio. As of March 31, 2014, Nevada State Bank has liquidated all but $3.7 million of its CDO portfolio.
“The $33.1 million of first quarter 2014 loan growth continues a trend of increasing loan balances that began in the second quarter of 2013,” said Dallas Haun, president and chief executive officer. Haun continued, “Since March 31, 2013, our loan balances have increased $233.9 million, or 11.1 percent, reflecting our commitment to fund the needs of consumers and businesses in Nevada.”
First Quarter 2014 Highlights
- Quarter-to-date loan growth of $33.1 million, continuing a trend of loan growth since mid-2013. Year-over-year loan growth (since March 31, 2013) of $233.9 million.
- Net income of $2.3 million for the three months ended March 31, 2014, continuing a trend of positive quarterly earnings since 2010.
- Continued improvement in asset quality trends, including a year-over-year decrease of 47.0 percent in nonperforming assets.
- Tier one leverage capital ratio of 8.83 percent, compared to a minimum to be well capitalized of 5.0 percent.
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 $56 billion. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.