First State Bancorp income up

ALBUQUERQUE, N.M. — First State Bancorporation (Nasdaq: FSNM), which operates as First Community Bank, reported an increase in net income for 2007.

First State reported $24.8 million in net income in 2007, up 9 percent compared to 2006. The bank holding company also saw a nearly $500 million increase in loans and a $453.8 million increase in year-over-year deposits. The results include data from the March merger with Heritage Bank.

The company also increased its allowance for loan losses — up 37 percent to $31.7 million — in response to a rise in non-performing assets. Non-performing assets as of Dec. 31 were up 140 percent to $48.8 million. Potential problem loans totaled $64 million at the end of the year, compared to $36 million in 2006.

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First State operates 64 First Community locations in Arizona, Colorado, New Mexico and Utah, with two in Fort Collins and one in Erie.

In morning trading, First State shares were down 18 cents to $12.29.