Meadows Bank earns $2.79 million in 2012
Meadows Bank reported net income of $2.79 million last year, a modest increase in profits compared to net income of $2.52 million in 2011.
In an earnings statement released Thursday, the Las Vegas-based community bank noted net income in 2012 was adversely impacted by a $1.54 million tax payment. Meadows Bank did not incur any taxes in 2011 due to operating losses in prior years.
"In the fourth quarter, the economy in Nevada continued to build on the positive trend seen in earlier quarters," said Arvind Menon, president and CEO of Meadows Bank. "While the recovery has to-date been tepid; it is definitely moving in the right direction and we hope it gains momentum."
As of Dec. 31, Meadows Bank's loan portfolio stood at $240.5 million, a year-over-year increase of $59.8 million. Total deposits grew by $52.7 million to $240.4 million, while total assets stand at $293.1 million.
Menon said the bank is well positioned "to assist businesses and individuals as they gear up for increased demand and growth in the coming months."
Meadows Bank operates four branches in Nevada, including recently opened facilities in Henderson and Reno.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
