Two Nevada banks report improved earnings

Wednesday, April 14, 2004 | 11:09 a.m.

Despite new taxes levied against Nevada banks in the past legislative session, local community banks continued to report strong earnings in the first quarter.

Sun West Bank, which has four branches in the Las Vegas area and two in Reno, this week reported first-quarter earnings of $1.3 million, up from $627,266 for the same 2003 quarter.

As a Subchapter S corporation, Sun West reports pre-tax earnings.

Assets at the end of the first quarter were $249 million, up from $184 million reported at the same time in 2003.

Jackie DeLaney, president of Sun West, said the growth has come in all areas of the bank's predominantly commercial banking-oriented operation. She also said that earnings would have been better without the new 2 percent payroll tax or the $7,000 annual per-branch excise tax.

"Earnings would have been better without them," DeLaney said.

Henderson-based Silver State Bancorp reported first-quarter net income of $1.1 million, or 78 cents per share, up from $517,000, or 40 cents a share, for the year-ago quarter.

Silver State Chief Executive Tod Little attributed the increase in earnings to strong loan growth and solid credit quality. Little added that the company will open its ninth Silver State Bank branch in the second quarter of the year.

The company also reported assets increased to $600 million at quarter's end, up from $420 million a year ago.