Reno-based First Independent Bank of Nevada earned $1.5 million (pre-tax) in 2002, an increase of 187 percent over the $564,000 it earned during 2001.
The bank said its assets stood at $164.5 million at the end of the year, compared with $120.9 million at the end of 2001.
The bank opened for business in September 1999 with $10 million in capital.
Grant Markham, president and chief executive officer, said First Independent Bank has been profitable in 32 of its 39 months of operation.
The bank, which is headquartered on South McCarran Boulevard, opened a branch location in Sparks in 2002, and Markham said the Sparks branch was "integral" to the company's growth during the year.
While the bank offers traditional consumer banking services, its focus is business and professional banking markets and recently added a commercial mortgage brokerage division.
The bank was financed with a private stock offering, and Markham said nearly 96 percent of its shareholders are Nevada residents.
