Strong economy helps Nevada bank earnings

The strong economy in Las Vegas and the West helped six banks operating in Nevada report higher earnings for the latest quarter and for 1998.

First Security Corp., Salt Lake City, earned $67.3 million in the fourth quarter, up 16 percent from the year-ago quarter. Earnings per share of 35 cents were up 16.7 percent.

Comstock Bancorp of Reno reported a fourth-quarter profit of $1.85 million, or 38 cents per share, a 192 percent increase from the year-ago quarter. Comstock is being acquired by First Security.

Golden State Bancorp of San Francisco reported quarterly operating earnings of $48.3 million or 35 cents per share, up from $30.6 million or 54 cents in the year-earlier period. Non-recurring items in the 1998 fourth quarter led to a loss of $55.2 million or 40 cents per share. Golden State is the parent of California Federal Bank, which has seven Nevada branches and is acquiring 12 more spun off from the merger of Norwest and Wells Fargo banks.

Zions Bancorporation of Salt Lake City, owner of Nevada State Bank, reported a fourth quarter profit of $32.1 million or 40 cents per share, up from $31.8 million or 43 cents per share in the year-earlier period. Operating cash earnings of 64 cents per share were up from 48 cents in the year-earlier quarter.

Silver State Bank of Henderson said it earned $424,000 or 33 cents per share in the quarter, up from $36,000 or 4 cents for the year-ago quarter. Total assets at year end were $165 million.

The year-old Nevada First Bank of Las Vegas said it earned $232,000 in the fourth quarter, up from $22,000 in the third quarter. Fourth-quarter assets of $48.9 million were up from $47.5 million in the third quarter.

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