Clark County Credit Union said its assets have reached their highest level since the Great Recession.
The credit union said it surpassed $600 million in assets for the first time since July 1989 in what it calls a period of “vigorous growth and increased memberships.”
By March 31, the $601 million in assets reflected an annualized growth rate of 12.1 percent, President and CEO Matt Kershaw said.
“We’re enjoying a strong recovery and are pleased to see our membership feeling confident and having the capacity to borrow again,” Kershaw said.
The credit union reported first-quarter net income of $2.7 million. Net worth reached 12.1 percent with a better-than-peer return on average assets ratio of 1.82 percent.
The credit union, formed in 1951, serves more than 37,000 people, including workers with Clark County, Henderson, Las Vegas and North Las Vegas.
Western posts record
Western Alliance Bancorp., the parent company of Bank of Nevada and First Independent Bank in Nevada, announced a record first-quarter for 2016.
The company had net income of $61.3 million, or 60 cents per share, for the quarter ended March 31, up from $40.4 million, or 45 cents per share, a year earlier.
Total deposits of $13.08 billion were up $3.42 billion from a year earlier. Western Alliance merged with Bridge Capital Holdings in June. That first quarter includes $1.74 billion in deposits from Bridge.
Total loans at the end of the first quarter were $11.24 billion, up $105 million from the fourth quarter and $2.42 billion from the first quarter of 2015. That includes $1.44 billion in loans from Bridge.
On April 20, Western Alliance Bank, a subsidiary, acquired the domestic select-service hotel franchise finance loan portfolio of GE Capital US Holdings, for $1.28 billion.
There are no nonperforming loans, officials said; GE’s outstanding principal loan balance is $1.34 billion.
The acquisition will show up in earnings in the second quarter, Chairman and CEO Robert Sarver said.
The company, which has banking divisions in Nevada, California and Arizona, had 1,464 full-time employees and 47 offices in the first quarter compared with 1,131 employees and 40 offices a year earlier.
Zions’ beats year ago
Zions Bancorp., Nevada State Bank’ parent company, reported net earnings of $78.8 million, or 38 cents per share, in the first quarter ended March 31, up from $75.3 million, or 37 cents a share, a year earlier.
Chairman and CEO Harris Simmons said the growth in preprovision net revenue reflects “operating leverage improvement” resulting from solid loan growth, a more profitable earning assets mix and controlled core operating expenses.
“We’re on track to achieve the goals we established in mid-2015, leading to an efficiency ratio of 66 percent or better in 2016 and in the low 60 percent range in 2017 while accelerating revenue growth,” Simmons said.
“Although energy-related credit losses and related provisions largely offset these gains, recent improvements in energy prices are encouraging, and credit performance in the rest of the portfolio has been stellar. We’re pleased with the progress made during the quarter in building a stronger foundation for future growth and capital distributions.”
Zions has $60 billion in assets. It operates in 11 states, including Nevada, Utah, California, Arizona and New Mexico.
Talmer income jumps
Talmer Bancorp Inc., the parent company of Bank of Las Vegas, reported first-quarter net income of $19.7 million, up from $9.4 million a year earlier.
Net loans increased during by $118.6 million in the first quarter, which the bank said was driven by strong growth in commercial real estate and residential real estate lending.
In April, the board declared a quarterly cash dividend on its Class A common stock of 5 cents a share payable May 25 to shareholders of record May 11.
In January, Talmer and Chemical Financial Corp. agreed to partner with Talmer in a cash-and-common-stock merger transaction. The deal is pending.
Besides Nevada, Talmer operates branches and lending offices in Michigan, Ohio, Illinois, Indiana and Maryland.
It offers commercial and retail banking, mortgage banking, wealth management and trust services to individuals and small and midsized businesses.