Meadows Bank posts its 11th consecutive quarterly profit
Meadows Bank posted its 11th consecutive quarter of positive net income, a bank executive said Wednesday.
The Las Vegas-based community bank reported net income of $335,000 for the first quarter, compared with $626,000 in the same period last year.
The bank’s profit was affected by a one-time tax charge, increased operating expenses related to two new branches in Reno and Henderson, and timing of loan activity.
“As we have seen since early 2012, the economy in Nevada is in recovery mode but loan demand is still subdued as businesses are judicious in their expansion plans without strong indications of continued improvement,” said Arvin Menon, president and CEO of Meadows Bank.
As of March 31, the bank’s loan portfolio was $242.5 million, which represented growth of 31.8 percent, or $58.5 million, from the same period last year. Deposits grew by $67.8 million year-over-year to $312.2 million.
Meanwhile, the bank’s staff has grown to 93, up from 66 employees last year.
“Our new branches in Reno and Henderson have gained significant traction in their communities and we are very happy with the market acceptance and performance of these branches,” Menon said.
Meadows Bank operates four branches in Las Vegas, Pahrump, Reno and Henderson, along with loan production offices in Salt Lake City, Phoenix, Denver and Sacramento, Calif.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
