Sun Community Bancorp, parent of Nevada Community Bancorp Ltd., reported first quarter net income of $116,000 or 2 cents per share, compared to a net loss of $562,000 or 5 cents a share one year earlier.
The Phoenix-based company reported first quarter revenue of $7.5 million, more than double the $3.1 million of a year ago. The bank holding company reported total assets of $350 million, up 17 percent from the previous quarter.
Sun Community President John Lewis said six Sun-owned banks reported profits during the period, with the company's three Southern Nevada banks experiencing rapid growth.
Nevada Community Bancorp President Tom Mangione said two of the three Nevada banks should be profitable by the next quarter.
Nevada Community Bancorp operates Red Rock Community Bank and Desert Community Bank in Las Vegas and Black Mountain Community Bank in Henderson.
Sun Community is a majority-owned affiliate of Lansing, Mich.-based bank development firm Capitol Bancorp Ltd.
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