Meadows Bank on Thursday posted third-quarter net income of $1.06 million, compared with $1.1 million in the same period last year.
For the first nine months of the year, the Las Vegas-based community bank reported net income of $2.1 million, down slightly from $2.3 million from the same period year.
“The strong earnings performance in 2013 was primarily due to a 23 percent year-over-year increase in net interest income which helped offset most of the additional operating expenses related to the two new branches opened in late 2012,” Arvind Menon, president and CEO of Meadows Bank, said in a statement.
Meadows Bank opened new branches in Henderson and Reno last year. The bank also operates branches in Pahrump and Las Vegas, as well as loan offices in San Antonio, Salt Lake City, Phoenix, Denver and Sacramento, Calif.
As of Sept. 30, the bank’s loan portfolio was $276.3 million, an increase of $56.7 million from the third quarter of 2012, while total deposits jumped $16.2 million to $267.7 million. Meadows Bank reported assets of $323.2 million at the end of the third-quarter.
“While the Nevada economy continues to improve, the recovery is still anemic and loan demand continues to be weak,” Menon said.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893. Follow @sierotyfeatures on Twitter.