Las Vegas bank profit increases

Thursday, Feb. 3, 2000 | 12:24 p.m.

An increase in Small Business Administration loans and income from portfolio management translated into strong fourth quarter earnings for Henderson-based Silver State Bancorp.

The company reported 1999 fourth quarter earnings of $499,000 or 38 cents per share, up from $424,000 or 33 cents a share one year earlier. The bank reported year-end net income of $1.3 million or $1.06 per share, up from year-end 1998 net income of $1 million or $1.02 per share.

As of Dec. 31, 1999, the company had assets of $186 million, up 13 percent -- or $21.6 million -- from a year ago.

Silver State has five branches in Southern Nevada, with loan production offices in Reno, Boise and Salt Lake City.

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