Higher profits reported by five Nevada bank, thrift operators

Tuesday, April 23, 2002 | 11:21 a.m.

The parent company of Nevada State Bank said its first quarter earnings improved by 23 percent, and four other local bank and thrift operators posted higher profits.

Salt Lake City-based Zions Bancorporation reported net income of $79.6 million, or 86 cents per share, for the first three months of the year vs. net income of $64.7 million, or 72 cents per share.

Zions' Nevada State Bank subsidiary has 61 branches statewide.

Separately, BancWest Corp., a subsidiary of BNP Paribas and parent company of Bank of the West and First Hawaiian Bank, reported first quarter net income of $65.4 million. That was an increase of 5.9 percent compared to the $61.7 million the Honolulu, Hawaii-based bank reported for the same quarter one year ago.

BancWest has seven Southern Nevada branches of its Bank of the West subsidiary.

Also, Seattle-based Washington Federal Inc., parent company of Washington Federal Savings, announced record quarterly earnings of $35.7 million, or 56 cents per diluted share. The bank earned $27.3 million, or 43 cents per share, during the same period last year.

Washington Federal Savings has 115 offices in seven states, including two branches in Southern Nevada.

Also, First Republic Bank reported net income of $7.4 million, or 50 cents per share, for the first quarter ended March 31. That was a 39 percent increase compared to $5.3 million, or 37 cents per share, the San Francisco-based bank earned during the same period last year.

First Republic has three branches in Southern Nevada.

And Capitol Bancorp, a Lansing, Mich.-based bank holding company that owns four Las Vegas-area community banks, reported first quarter net income of $3.04 million, or 38 cents per share -- up from the $2.4 million, or 31 cents per share, the company earned in the year-ago quarter.

Through its Nevada Community Bancorp affiliate, Capitol Bancorp owns and operates Bank of Las Vegas, Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank.