First State Bancorporation reports increased profits

First State Bancorporation reports increased profits

ALBUQUERQUE, N.M. – First State Bancorporation (NASDAQ: FSNM) holding company of First Community Bank in Fort Collins, announced record annual earnings for 2003 of $14.9 million, a 49 percent increase over 2002.

For the quarter ended Dec. 31, 2003, net income was $3.6 million compared to $3.3 million for the quarter ended Dec. 31, 2002, an increase of 9 percent. Earnings per diluted share for the fourth quarter 2003 were 47 cents compared to 44 cents per diluted share for the same quarter 2002.

“Solid loan growth in New Mexico and Colorado continues to fuel our…