First State Bancorp in Albuquerque said third-quarter earnings rose 10% from a year earlier, to $6.7 million.
The $2.66 billion-asset company, which reported its results Monday, cited both strong internal loan growth and an increase in earning assets following the purchase of two banking companies this year.
In January, First State acquired Access Anytime Bancorp of Albuquerque, the $374 million-asset parent of AccessBank; and New Mexico Financial Corp. in Belen, the $117 million-asset parent of Ranchers Banks.
The acquisitions added $229 million of loans and about $410 million of deposits to First State's books.
However, First State also posted 16% internal loan growth, to $1.74 billion. Total loans rose 31%, to $1.97 billion, boosting net interest income by 33%, to $29.2 million.
This month First State announced a deal to buy the $450 million-asset Front Range Capital Corp. in Broomfield, Colo., for $72 million. That deal is expected to close in the first quarter.
