Earnings reports from two banks suggest the Las Vegas economy is bouncing back.
City National Corp. reported a net income increase of 14 percent in the first quarter of 2015.
Record-setting increases included loan balances, which topped $20.9 billion, and deposits at $28.5 billion.
“City National closed the first quarter of 2015 with year-over-year double-digit (percentage) growth in assets, net income, loans and deposits,” CEO Russell Goldsmith said in a statement. “The company has now been profitable in every quarter for 22 consecutive years.”
Average first-quarter loan and lease balances grew to $20.4 billion, up 18 percent from the first quarter of 2014. Period-end loan balances set a record of $20.9 billion on March 31.
First-quarter deposit balances averaged $27.8 billion, up 10 percent from a year earlier. Average core deposits, which equal 98 percent of total balances, were up 10 percent from the first quarter of 2014. Period-end deposit balances totaled $28.5 billion.
Trust and investment fee income totaled $55.5 million, an increase of 4 percent from the first quarter of 2014. City National’s assets under management totaled $48.4 billion, up 4 percent from the first quarter of 2014.
On Jan. 22, City National announced a merger with Toronto-based Royal Bank of Canada, a transaction that is scheduled to close by year’s end.
First Security Bank of Nevada increased its net income 216 percent to $851,000 for the first quarter.
The bank also had growth in assets, which reached $164.8 million, up $21.8 million since March 2014, and an increase of $3.9 million in capital.
Gross loans totaled $111.6 million on March 31, a $12.2 million gain.
The allowance for credit losses was 1.11 percent of total loans, which highlights the bank’s continued focus on asset quality.
Deposits totaled $133.4 million, an increase of $21.7 million or 19 percent compared with $111.7 million a year earlier.
“We are thankful for the opportunity to continue to serve the community and are extremely pleased with the bank’s performance,” First Security Bank of Nevada CEO Jason Awad said in a statement.