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Community Bancorp Q1 net income down

Community Bancorp has reported net income of $2.7 million for the first quarter of 2008, compared to $5.4 million for the same period of 2007.

The company has reported diluted earnings of $0.26 per share for the three months ended March 31, 2008, compared to $0.36 for the three months ended March 31, 2007. For the first quarter of 2008, interest and dividend income was $30 million, compared to $30.9 million, for the same period in 2007.

For the first quarter of 2008, interest expense was $12.7 million, compared to $13.4 million for the same period in 2007. The non-interest income increased to $2.2 million for the first quarter of 2008 compared to $867,000 for the first quarter of 2007.

Edward Jamison, president and CEO of Community Bancorp, said: We continue to be focused on high value profitable growth in loans and deposits. The markets in which we operate have been impacted by the downturn in the residential housing segment while other sectors, though slowed, are still pushing forward.