Heritage Bank net increases
Heritage Bank of Nevada earned $3.4 million in the second quarter, and the company’s acquisition of a failed bank in Douglas County made a positive contribution.
The second quarter profits for the Reno-based company were 57.4 percent higher than the same quarter a year ago.
Stan Wilmoth, president and chief executive officer of Heritage, said more than 10 percent of the quarter’s profits came from its operations in Douglas County.
Heritage Bank took over Carson River Community Bank after it was closed by state and federal regulators in late February. Since then, it’s rebranded the Douglas County branch and moved it to Gardnerville from its former location on Jacks Valley Road.
“We’re very pleased with it,” Wilmoth said.
Total assets of Heritage Bank of Nevada increased to $455.9 million on June 30 compared with $378 million a year earlier. (Carson River Community Bank had $51 million in assets when it was folded into Heritage Bank.)
The bank’s return on assets stood at 1.57 percent in the second quarter, up from 1.22 percent a year earlier.
Deposits at Heritage, meanwhile, grew to $411.1 million at the end of the quarter, up nearly 21 percent from a year earlier. (The Douglas County bank had about $50 million in deposits at the time of the takeover.)
The bank’s loans outstanding at the end of the quarter nearly $313 million were up by 12.5 percent from a year earlier. Heritage took $28.5 million in loans in the Carson River Community Bank deal, and the Federal Deposit Insurance Corp. will cover 80 percent of any losses from those loans in the next five years.
Wilmoth said the bank’s loan portfolio has increased as it responded to lending requests from qualified customers.
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