Tuesday, April 23, 1996 | 11:59 a.m.
COMMENTS: Reno-based Comstock not only had increases in income and earnings, but bank officials said assets increased 21 percent, net loans advanced 17 percent and deposits were up 22 percent when compared to the first quarter a year ago. Return on average equity was 15 percent for the quarter and the return on average assets was 1.33 percent. Robert Barone, chairman and CEO of the bank, said consolidation of banks to Norwest and Wells Fargo presents an opportunity for Comstock to attract dissatisfied customers. "Typically, the first quarter is our slowest quarter in real estate, which is our major market, because winter storms slow housing construction and new home sales," said Barone. "In the second quarter, we expect the latest interest-rate spike to impact our real estate business, especially refinance loans. It may also affect, to a smaller degree, purchases of existing homes and sales of new homes. Nevada's housing market, however, continues to grow both in northern Nevada and in Las Vegas where major new casino construction and expansions are under way." (Nasdaq: LODE)
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