Meadows Bank continued to benefit financially from its decision last year to participate in the federal Small Business Lending Fund as the Las Vegas-based community bank reported its fifth straight profitable quarter.
The bank posted net income of $626,000 for the first quarter, a slight decline from $815,000 for the same period last year.
In an earnings release Tuesday, Meadows Bank said its first quarter 2012 earnings were affected by a $324,000 tax payment, which reduced its quarterly net income from $950,000. Meadows Bank didn’t pay any taxes in the first quarter of 2011 because of operating losses in prior years.
Meadows Bank reported total loans of $188 million, a $30 million increase from the same period last year. Total deposits grew by $22.7 million year-over-year to $190.6 million, while total assets reached $240.9 million.
In October, Meadows Bank received $8.5 million from the $30 billion Small Business Lending Fund. The SBLF was included in the Small Business Jobs Act of 2010, which encouraged lending to small businesses by providing capital to qualified community banks with assets less than $10 billion.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893.