Bank of Nevada sees 4th-quarter profit soar

Bank of Nevada’s fourth-quarter profit soared to $7.6 million, up from $1.2 million a year earlier, its parent company reported this week.

The bank, with 12 Southern Nevada locations, increased the size of its loan portfolio to $2.18 billion at year’s end. That’s up 17.5 percent from $1.86 billion a year ago, according to Phoenix-based Western Alliance Bancorp.

Deposits jumped 8 percent to $2.57 billion, up from $2.38 billion, largely because the lender absorbed single-branch Service1st Bank of Nevada in October.