Superior Bancorp higher, raised Q3 profit

Shares of Superior Bancorp (Nasdaq: SUPR) are rising following news before the start of trading of an increase in third-quarter profit.

Operating income for the three months ended Sept. 30 was $2.6 million, or $0.07 per share, compared with operating earnings of $1.5 million, or $0.07 per share, a year earlier. The result is in line with Wall Street’s expectations.

“Despite external headwinds of our industry—credit cycle, housing market correction and stock market volatility—we are pleased to report a new record income level for our company,” said CEO Stan Bailey in a statement.

The Birmingham, Ala.-based bank, which has 66 branches with 40 locations throughout the state of Alabama and 26 locations in Florida through its subsidiary Superior Bank, increased its total assets 58% to $2.9 billion, from $1.84 billion during the third quarter of 2006.

Superior Bank also announced that it is planning on opening nine new branches during the fourth quarter of 2007 and three branches in early 2008 in Alabama and Florida.

At 12:07 p.m. ET, shares of Superior Bancorp. (SUPR) were up $0.41, or 6%, to $7.70. The 52-week high is $11.87, reached on March 2. The 52-week low of $7.18 was set on Oct. 26, 2006.

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