Earnings at Meadows Bank rise 28 percent
Las Vegas-based Meadows Bank on Wednesday announced it posted net income after tax of about $1.6 million in the first quarter of 2015 — 28 percent higher than its earnings during the same period in 2014.
At March 31, the bank’s loan portfolio of $394.5 million was up by $17.2 million from Dec.31 while total deposits grew by $28.7 million from the prior quarter end and stood at $402.4 million.
“The earnings and asset growth momentum we experienced in 2014 carried over into the first quarter of this year and allowed us to post strong financial performance metrics,” Arvind Menon, president and CEO of the bank, said in a statement. “We expect our loan portfolio and earnings will continue to grow at a healthy pace as businesses and consumers benefit from an improving economy and drive demand for banking products and services.”
Meadows Bank operates four branches in Nevada and five SBA loan production offices in neighboring states. At March 31, the bank had total assets of $467.4 million and equity of $63.5 million.
