Community Bancorp up on Q3 profit surge
Community Bancorp (Nasdaq: CBON) shares are up after the bank holding company recorded third-quarter net income of $5.5 million, or $0.53 per share, below analyst estimates of $0.55 per share but 80.9% above $3.1 million, or $0.41 per share, a year earlier. The Las Vegas-based company’s net interest income was $17.7 million, above analyst estimates of $19.4 million and compared with $10.77 million during the same period of 2006.
“Recognizing the changing economic environment in the markets in which we operate, the company's performance continues to be encouraging,” CEO Edward Jamison said in a statement. “Earnings were impacted by $.02 per share by a one-time charge of $377,000 for placement fees associated with the payoff of trust-preferred securities.”
Total interest expense during the quarter rose to $15.03 million, from $8.39 million a year earlier.
In afternoon trading, CBON shares are up 5.04%, or $0.99, at $20.63. Over the last 52 weeks, shares have ranged from $19.50 to $33.77.
