Borrowers' worries about the possibility of a rise in interest rates are fueling continued strong loan demand at Northern Nevada Bank.
The bank reported earnings of $430,646 in the first quarter, an increase of 135 percent over the previous year.
The bank's loans totaled $73.8 million at the end of the quarter, a 42 percent increase in 12 months.
That growth shows no signs of slowing any time soon, said Robert Hemsath, chief executive officer of the locally owned bank.
If anything, Hemsath said last week, borrowers are moving more quickly as they worry that rates may be headed up later this year.
It's unknown, he said, what effect today's flurry of lending might have on the bank's business later this year but Northern Nevada Bank remains bullish.
"The economy in northern Nevada has a lot of momentum.We're seeing a lot of reports of small businesses doing well, and there's a lot of optimism," Hemsath said.
"We're poised to see growth even with the rates rising."
Assets of Northern Nevada Bank stood at $66.9 million at the end of the first quarter, a 37 percent increase in the past year.
The bank is expanding its headquarters office at 3490 S.
Virginia St.
and plans to open a second branch in Carson City during the second quarter.
