Nevada State Bank posted a sharp drop in second-quarter profit this year but grew its consumer lending and pulled in more checking deposits.
The Las Vegas-based lender said Wednesday it earned $4.4 million of net income for the three months ending June 30. That’s 76 percent lower than the bank’s $18.2 million profit during the same period last year.
Still, the bank said its non-performing assets fell by 36 percent over the past year while its “checking deposits” grew by 8.1 percent and its consumer loan balances rose by 3.9 percent.
President and CEO Dallas Haun said in a prepared statement that the bank’s home-lending business fueled the growth in consumer loans.
Nevada State Bank, a subsidiary of Salt Lake City-based Zions Bancorp., has more than $4 billion in assets and more than 50 branches in Nevada.
Earlier this week, Zions Bancorp. posted second-quarter profits of $55.2 million, or 30 cents per share. That was up from a profit of $29 million, or 16 cents per share, during the same period a year ago.