Strong profit reported for Las Vegas bank operators

Wednesday, April 21, 2004 | 11:03 a.m.

SUN STAFF AND WIRE REPORTS

Seven bank operators in Las Vegas reported higher first quarter earnings in recent days.

Zions Bancorporation of Salt Lake City, parent company of Nevada State Bank, on Tuesday reported net income of $99.7 million, or $1.10 per share, up from $87.7 million, or 97 cents a share, a year ago.

Nevada State Bank has about 45 Las Vegas-area branches and more than 600 local employees.

The company pointed to strong loan growth as a key factor in the improved earnings. Loans and leases totalled $20.6 billion, up from $19.1 billion a year ago.

Arizona and Nevada combined to contribute $178 million in new loans during the quarter.

Also, U.S. Bancorp of Minneapolis, the seventh-largest U.S. bank by assets and operator of 33 offices in Southern Nevada, said first-quarter profit increased 14 percent, helped by higher fees from consumer deposits and a reduction in money set aside for bad loans.

Net income rose to a record $1 billion, or 52 cents a share, from $884.8 million, or 46 cents, a year earlier.

Also, Washington Mutual Inc. of Seattle, the second- biggest U.S. mortgage lender with 30 Las Vegas-area offices, said first-quarter net income rose 5 percent to $1.05 billion, reflecting the sale of a unit to Citigroup Inc.

Net income rose to $1.18 a share, from $997 million, or $1.07 a share, a year earlier.

Separately, Community Bancorp, which operates five Community Bank of Nevada branches, reported first-quarter net income of $1.5 million, up from $932,332 for the year-ago quarter.

Assets for the Las Vegas-based bank reached $478.9 million, up from $422.2 million at the end of the same 2003 quarter.

Also, Las Vegas-based Business Bank Corp., parent company of Business Bank of Nevada, announced first-quarter net income of $682,000, or 34 cents per share, up from $458,000, or 27 cents per share, in the same 2003 quarter.

Assets for the bank, which has three Las Vegas-area branches, increased to $296.1 million at quarter's end from $247.8 million a year ago.

Also, Henderson-based Valley Bancorp reported first-quarter net income of $622,000, up from $229,000 a year ago.

Assets were $212.7 million at the end of the first quarter, up from $168.7 million a year ago. The company operates three Southern Nevada Valley Bank branches.

Also, Bank of Nevada said it earned $565,000 in the first quarter, up from $248,000 in the year-ago quarter as assets increased 31 percent to $195 million.

With offices in Las Vegas, Henderson and Mesquite, the bank said it's now looking at expanding to North Las Vegas.