First State Bancorp in Albuquerque reported Monday that it had net income of $6.1 million in the fourth quarter, up 45% from the year-earlier period, and a record $21.4 million in earnings for the year, up 41%.
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The $2.1 billion-asset company attributed the fourth-quarter increase largely to a 19% gain in net interest income, to $22.5 million. Earnings in the three months were also aided by a 7-basis-point increase in its net interest margin, to 4.64%.
In early January, First State completed its acquisitions of two banking companies, the $374 million-asset Access Anytime Bancorp of Albuquerque, the parent of AccessBank; and the $117 million-asset New Mexico Financial Corp. in Belen, the parent of Ranchers Banks.
