Meadows Bank reports profits up 51 percent in first half of 2015

Meadows Bank, a full-service community bank based in Las Vegas, has reported that its net income is up 51 percent for the first half of 2015 compared to the same six-month period in 2014.

The bank said its net income for January to June was $3.58 million, an increase from the net income of $2.377 million for the first six months of 2014, bank officials said in a statement.

In addition, net income for the second quarter of 2015 was $1.968 million, an increase over the net income of $853,000 for the same three-month period in 2014, according to Meadows.

William Bullard, bank chairman, said the bank's conventional loan portfolio was benefiting from the Nevada economy's steady improvement.

"Our operating results reflect a significant increase in our net interest margin as a result of the growth in our conventional loan portfolio which benefited from the continued steady improvement in the Nevada economy," Bullard said in the statement.

As of June 30, Meadows Bank had total loans of $418.2 million, an increase of $77.9 million over June 30 in 2014 and $40.8 million over Dec. 31.

As of June 30, total assets were at $484.5 million.

Meadows Bank has branches in Pahrump, Henderson and Reno and loan production offices in Salt Lake City, Phoenix, Denver, Dallas, and Sacramento, Calif.