LAS VEGAS — One Nevada Credit Union continued its strong recovery with net income of $7 million in 2014, the now $729 million CU reported.
One Nevada earned $6.4 million in 2013, which was its best performance since 2007.
Its net from operations in 2014 was $8,965,871, with a loan loss provision of $1,904,594. Net worth ratio was 10.9%.
According to the credit union's annual report to members, a copy of which was obtained by Credit Union Journal, One Nevada's assets continued an upward trend: from $665.7 million as of December 2012, to $697.8 million at the end of 2013.
In a statement attributed to One Nevada CEO Bradley Beal and Board Chairman Michael Lantz, it was reported the CU originated more than $190 million in home loans and more than $70 million in auto loans last year.
By way of comparison, ONCU booked $160 million in first mortgage loans in 2013, along with nearly $50 million in auto loans.
One Nevada said it added more than 13,000 new members in 2014.
"During 2014, the local economy finally began showing solid signs of recovery," One Nevada told its members in a statement. "Your credit union participated in and supported that recovery by granting over $190 million in home loans and more than $70 million in auto loans."
Noting its strong net income and net worth ratio numbers, One Nevada said, "This financial performance once again places us as among the leaders nationwide."
One Nevada will be celebrating its 65th birthday in 2015.
Digging Out
The solid financial performance the past two years is a welcome relief after a rough period in the Silver State, which suffered tremendously during the recession and took much longer to recover than other areas of the country. In 2012 One Nevada posted net income of $2.4 million — its first black numbers in three years — with a net worth ratio of 9.9%.
In 2011 ONCU lost $4.8 million, after losing $4.2 million in 2010 and a breathtaking $32 million in 2009. Its net worth ratio was 9.3% in 2011, 9.9% in 2010 and a low of 8.87% in 2009.
In 2008 One Nevada (then known as Nevada Federal) eked out $199,174 in net income, with a net worth ratio of 13.12%. In 2007 it posted $6.7 million in net income, with a net worth ratio of 13.25%.
