Community Bancorp of Las Vegas amends regulatory filing

Community Bancorp of Las Vegas on Monday reported that its Nevada bank amended a regulatory filing to increase a provision for loan losses by $17.4 million at the end of last year, resulting in a $151.9 million loss for 2008. The bank earned $25.7 million in 2007.

Community Bank also disclosed that it lost $24.8 million in the first quarter, compared with a $4.3 million first quarter profit a year earlier.

By March 31, equity at the bank dropped to $97.5 million from $121.8 million at the end of last year. The allowance for loan losses was $63.6 million.

The bank holding company also said its Arizona bank wrote off $10 million in goodwill related to its purchase of Cactus Commerce Bank in 2006.

Bankers speaking anonymously said the holding company’s numbers also are worrisome.

The $1.9 billion-asset holding company had $401.7 million in nonperforming assets at the end of the first quarter. That includes $119.5 million in foreclosed real estate and $282.2 million in one category of late loans. The company has $67 million in its loan loss reserve. Equity for the holding company totals $182.7 million.

Bank holding company officials said the company amended its financial reports for the third and fourth quarters of last year at the request of its primary regulator, the Federal Reserve Board.

Community Bancorp has not filed its annual 10-K report for last year with the Securities and Exchange Commission. The company said it is completing its 10-K for 2008 and its quarterly 10-Q report for the first quarter of 2009.

“Management expects to discuss these financial statements in a press release within the next few weeks,” said Patrick Hartman, the holding company’s executive vice president and chief financial officer, said in a statement.

Community Bancorp shares fell 1 cent, or 0.45 percent, Monday to close at $2.21 on the Nasdaq Global Select Market.

Contact reporter John G. Edwards at jedwards@reviewjournal.com or 702-383-0420.