Meadows Bank posted $1.19 million profit in first half of 2012
Meadows Bank on Wednesday reported net income of $1.19 million for the first six months of the year, a decline from the $1.49 million for the same period last year.
Net income for the first six months was affected by a $608,000 tax payment. Meadows Bank did not pay taxes in 2011 because of the "carry-forward benefit" of operating losses in prior years, the company reported in an earnings release.
As of June 30, the bank's loan portfolio was $216.4 million, a $59 million increase over the same period last year. Total deposits grew by $29.4 million during that period to $222.2 million, while total assets were $273.6 million as of June 30.
"As the local economy continues to improve, we are experiencing good demand for all types of loans and depository products and services," said Arvind Menon, president and CEO of Las Vegas-based Meadows Bank.
In May, Meadows Bank opened a loan production office in Reno, and it is scheduled to open a new branch in Henderson by the end of the year. The bank operates branches in Las Vegas and Pahrump, and also has loan production offices in Salt Lake City, Phoenix, Denver and Sacramento, Calif.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
