Las Vegas, NV (PRWEB) January 21, 2014
The credit union posted a net income of $6.4 million in 2013, compared with net income of $2.4 million in 2012, an increase of 167 percent. In 2011, it posted a net loss of $4.8 million.
“Our financial results continued to strengthen during the year despite the sluggish local economic recovery,” President and CEO Brad Beal said in an annual report to One Nevada members. “We added over $6 million to capital during the year, resulting in a net worth ratio of 10.4 percent.”
One Nevada’s earnings were dampered by $5.7 million in loan loss provisions and a $384,467 federal deposit insurance premium. Without the two payments, net income would have been $12.5 million.
One Nevada also reported that it provided over $160 million in first-mortgage loans and nearly $50 million in automobile loans to its members. The credit union conducted more than 14 million debt and credit card transactions; it recorded more than 2.5 million ATM transactions.