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HERITAGE BANK OF NEVADA REPORTS 2010 YEAR-END EARNINGS
(Reno,NV) – February 8, 2011. Heritage Bank of Nevada ended 2010 with continued growth and strength. Heritage Bank’s total assets increased to $452,198,000 as of December 31, 2010, up from $402,176,000 on December 31, 2009. Net income for the twelve month period ending December 31, 2010 totaled $5,328,000, an increase of 16% over the twelve month period ending December 31, 2009.
The Bank’s total deposits for year-end 2010 totaled $407,369,000, up 13% over year-end 2009. Total loans of $314,458,000 reflect an 8% increase over the same period in 2009, and a loan-to-deposit ratio of 77%. Heritage Bank completed over $5,000,000 in SBA loans in Nevada during 2010 and was considered by David Leonard, SBA Sr. Area Manager in Reno, to be the top SBA ARC loan lender for Nevada.
During 2010, Heritage Bank completed the acquisition of Carson River Community Bank in Carson Valley and relocated the branch to Gardnerville in Carson Valley, expanding the bank’s footprint with a sixth branch location in northern Nevada.
According to Stan Wilmoth, President and CEO of Heritage Bank, “As the only community bank in Reno,Sparks,Carson City and Carson Valley, we are proud to support the communities we serve. Since we are locally-owned and managed, all of our decisions are made locally. As a result, our community benefits as Heritage Bank’s deposits stay in the area and are lent out locally to support our area businesses and our community. You can rely on Heritage Bank to be safe and secure.
“We are pleased to have performed so well during 2010 despite the challenging economy. The bank continues to offer loans to qualified customers, and we are always looking for new ways to help and support our community businesses. We continue to review our product and service offerings and make additions and improvements as technology and our customer’s needs grow.
We have recently added two new banking networks for our customers to access ATMs with MoneyPass® and Allpoint®. These two networks have added thousands of
additional surcharge free ATMs to our network nationwide and in Mexico.
We are forecasting additional growth through 2011 while maintaining our branch system and community banking focus in northern Nevada. We look forward to partnering with more businesses in our community, building more relationships, and working closely with customers to help them find the best solutions to their banking needs.
“Heritage Bank has always been and continues to be known for is our friendly helpful staff. We have maintained our staffing levels and have added to staff to support our growth and service levels.”
Heritage Bank is proud to be the premier and only community bank in northern Nevada, with local ownership, and a local Board of Directors. Covering the area with six convenient locations and providing access to thousands of surcharge-free ATMs nationwide, Heritage Bank of Nevada continues its commitment to supporting the customers and communities it serves in Northern Nevada.
