LAS VEGAS — One Nevada Credit Union had net income of $6.4 million in 2013, its best performance since 2007.
According to the credit union's annual report to members, One Nevada's assets increased to $697.8 million at the end of 2013 from $665.7 in its December 2012 Call Report. (The December 2013 Call Report is not yet posted on the
In a statement attributed to Bradley Beal president and CEO, and Vincent Eckelkamp, board chair, it was reported One Nevada originated $160 million in first mortgage loans in 2013, along with nearly $50 million in auto loans.
"Our financial results continued to strengthen during the year, despite the sluggish local economic recovery," the statement read. "We added over $6 million to capital during the year, resulting in a net worth ratio of 10.4%. One Nevada remains among the strongest credit unions in the nation."
The strong year is big change after a bleak period in Nevada, which suffered tremendously during the recession and has been slow to recover. 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%.
