First Independent's net increases

Reno-based First Independent Capital of Nevada, the parent of First Independent Bank, earned $1.4 million in the fourth quarter compared with $497,000 a year earlier.

For the full year, the company reported earnings of $4.4 million compared with $2.8 million in 2004.

Chief Executive Officer Grant Markham said the bank worked to increase its loan-to-deposit ratio through the year. Total loans on Dec. 31 were 32 percent higher than a year ago, while deposits grew by 15 percent.

The bank's total assets at the end of the year stood at $354 million, a 15 percent increase in 12 months.

First Independent Bank plans to open its fourth branch in Fallon this spring and is designing a branch at Pyramid Highway and Los Altos Parkway in Sparks. That branch is scheduled to open late this year or early in 2007.

NNBW staff


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