Bank Holdings reports profit

The Bank Holdings Inc., the Renobased parent company of Nevada Security Bank, said last week it earned $5,000 in the quarter ended March 31.

This compares with a loss of $37,000 in the comparable quarter a year earlier.

The company said sales of securities added $33,000 to its net in the first quarter.

A year earlier, securities sales contributed $293,000 to the company's operations.

Deposits grew by about 153 percent year-over-year and stood at $125 million at the end of the quarter.

Loans, meanwhile, grew 206 percent.

The company said its net interest income was $1.3 million for the quarter.

In the first 90 days of this year, The Bank Holdings said its loan portfolio grew by $26 million.

That figure includes $14 million of loans generated by Nevada Security Bank and $12 million in loans from other institutions in which Nevada Security Bank either was a participant or purchased the loan outright.

The company said its reserves for loan losses stood at $220,000 at the end of the first quarter, but it said it had no loans more than 30 days overdue on March 31.

The Bank Holdings raised about $16 million in a public offering during the first quarter.

Nevada Security Bank operates branch offices at Incline Village and in Reno's South Meadows.

A third branch at Mae Anne Drive and Robb Boulevard in northwest Reno is scheduled for opening in September.

The company also operates a loan-production office in Rancho Cordova, Calif.