Meadows Bank on Monday reported first-quarter net income of $1.262 million, compared with $335,000 in the same period last year.
The bank also reported $946,000 net income in the fourth quarter of 2013.
Meadows Bank also reported that its loan portfolio was $295.6 million, having increased $48.8 million from the first quarter of 2013. Total deposits were up $149.6 million from March 2013 to $408 million.
The Las Vegas-based community bank with four branches in Nevada — Las Vegas, Henderson, Pahrump and Reno — completed six years of operation in March. Meadows Bank also operates loan offices in San Antonio, Salt Lake City, Phoenix, Denver and Sacramento, Calif.
“While we have seen the loss of 20 community banks in Nevada during the recession and its aftermath, we are very pleased that our bank has grown to over $400 million in assets and, more importantly, increased common equity capital by over $6.5 million during that period,” William Bullard, Meadows Bank chairman, said in a statement. “We anticipate that the economy will continue to improve in 2014 and remain optimistic about the entrepreneurial opportunities for community banking in Nevada.”
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