Meadows Bank posts $2.3 million profit, opens Henderson branch
Meadows Bank on Friday posted earnings of $2.3 million for the first nine months of the year, compared with $1.8 million, or 37 cents per share, during the same period last year.
Arvind Menon, president & CEO of Meadows Bank, said net income in the third quarter was affected by a $1.1 million tax payment. The Las Vegas-based bank did not pay taxes in 2011 because of the "carry-forward benefit" of operating losses in prior years, the company said in an earnings release.
As of Sept. 30, the bank's loan portfolio was $219.6 million, an increase of $47.5 million over the first nine months of last year, while deposits grew by $51.3 million to $251.5 million.
Total assets stood at $303.5 million, the bank said. year.
Arvind Menon, president & CEO of Meadows Bank, said net income in the third quarter was affected by a $1.1 million tax payment. The Las Vegas-based bank did not pay taxes in 2011 because of the "carry-forward benefit" of operating losses in prior years, the company said in an earnings release.
As of Sept. 30, the bank's loan portfolio was $219.6 million, an increase of $47.5 million over the first nine months of last year, while deposits grew by $51.3 million to $251.5 million.
Total assets stood at $303.5 million, the bank said.
Meadows Bank on Thursday opened a branch in Henderson, its fourth branch in Nevada.
