Community Bancorp in Las Vegas said Monday that both its subsidiary banks had amended their call reports from last year to reflect additional, mostly credit-related, expenses.
At the request of the Federal Reserve Board, the company's $1.6 billion-asset Community Bank of Nevada increased its allowance for loan losses at Sept. 30 by $54.1 million. Of that amount, $40 million had been reported in the bank's Dec. 31 call report.
The Las Vegas bank also amended the yearend call report to reflect a $17.4 million increase in its provision for loan losses.
The $140 million-asset Community Bank of Arizona, in Glendale, amended its Dec. 31 call report to reflect a $10 million writedown of remaining goodwill.
The company said nearly all the tax benefits from these additional expenses were offset by the creation of a deferred tax asset valuation allowance.
