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Nevada State Bank reports earnings of $8.9 million for the fourth quarter 2011

- $46.6 million total for FY2011 - Nevada State Bank, a subsidiary of Zions Bancorporation, reported fourth quarter net earnings of $8.9 million and net earnings of $46.6 million for the year ended December 31, 2011.

 
PRLog - Jan. 25, 2012 - LAS VEGAS -- LAS VEGAS, NEVADA – Nevada State Bank, a subsidiary of Zions Bancorporation, reported fourth quarter net earnings of $8.9 million and net earnings of $46.6 million for the year ended December 31, 2011. Lower credit costs and improving loan quality continued to drive the improvement in quarterly and year-to-date profits.

Fourth Quarter 2011 Highlights

•   Net income of $8.9 million for the fourth quarter, compared to a $19.3 million net loss for the fourth quarter 2010
•   Net income of $46.6 million for the year ended December 31, 2011, compared to a net loss of $70.3 million for the year ended December 31, 2010
•   Year-to-date growth in Commercial, Small Business and Consumer loan balances of $150.0 million
•   Vastly improved asset quality trends, including year-over-year decrease of 54% in non-performing assets

“We are very pleased with our 2011 results, which are highlighted by a strong return to profitability,” said Dallas Haun, president and chief executive officer.

Mr. Haun continued, “More important to the communities we serve, though, is the strong growth in loan balances to our commercial, small business and consumer clients, reflecting our commitment to these vital sectors of our economy as we emerge together from this difficult economic environment.”

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About Nevada State Bank
Nevada State Bank, with assets of more than $4.1 billion, is the largest state-chartered bank in Nevada. Established December 9, 1959, Nevada State Bank celebrated its 50th anniversary throughout 2010. A full-service bank with 53 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, 136-year-old Zions Bancorporation has assets of $51.3 billion. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.

Member FDIC Nevada State Bank 2012

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Source:Cheryl Persinger, B&P Public Relations
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Location:Las Vegas - Nevada - United States
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Tags:Nevada State Bank, lending, banking, earnings, Small Business
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