Meadows Bank posts net income of $6.5 million in ‘14

Meadows Bank has announced it posted net income of $6.5 million in 2014 compared to $3.1 million in the prior year — a nearly 110 percent increase.

In a statement, bank officials said the income growth in 2014 resulted from increases of $3.7 million in net interest income and $804,000 in noninterest income offset by $606,000 in higher operating expenses. Also, in 2014 the bank’s loan portfolio grew by $98.3 million while deposits grew by $25.1 million.

“As we anticipated, 2014 was a banner year for our bank with substantial increases in both net income and loans outstanding,” Arvind Menon, president and CEO of the bank, said in the statement. “The growth in our loan portfolio is a clear indication that the Nevada economy is recovering nicely and our operations in Northern Nevada, Southern Nevada and the SBA division all made significant contributions.

“We see further improvement in 2015 and beyond, especially due to the ongoing diversification of our economy through the relocation of major technology and manufacturing companies,” he also said.

Las Vegas-based Meadows Bank operates four branches in Nevada and five SBA loan production offices in five other states, having recently added Dallas.

On Dec. 31, the bank had total assets of $445.7 million, loans of $377.3 million and deposits of $373.7 million.