Profits up for five Nevada banks

Five banks operating in Nevada reported higher quarterly profits as the economy in Nevada and other Western states continued to boom despite the global economic slowdown.

First Security Corp., based in Salt Lake City and owner of First Security Bank of Nevada, reported record quarterly earnings of $63.1 million, up 12.6 percent from the year-ago quarter; or 33 cents per share, up 13.8 percent.

First Security is growing with acquisitions outside of its home base in Utah.

Zions Bancorporation of Salt Lake City, owner of Nevada State Bank, said it earned a record $42.7 million or 54 cents per share for the quarter ended Sept. 30.

Operating cash earnings were $46.9 million or 59 cents per share, an increase of 25.1 percent and 15.7 percent, respectively, over the third quarter of 1997.

Zions has also been expanding rapidly by buying up banks outside of Utah.

Pioneer Bancorporation of Reno, parent of Pioneer Citizens Bank, reported a quarterly profit of $3.7 million or 41 cents per share, up from $3 million or 33 cents in the year-ago period.

Comstock Bancorp of Reno reported third quarter profits rose 81 percent to $886,000 or 18 cents per share thanks largely to robust mortgage loan demand.

Silver State Bank of Henderson said its quarterly profit of $413,000, or 43 cents per share compared to a loss in the year-ago quarter of $47,000 or 8 cents per share.

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