Meadows Bank reports $772,000 second-quarter profit

Meadows Bank on Tuesday reported net income of $772,000 for second quarter, a sizable increase over the $208,000 reported in the same period last year.

As for the first six months of 2013, Meadows Bank posted net income of $1.107 million, down slightly from the $1.19 million last year.

“We are very pleased with our year-to-date performance despite the additional burden of two new branches that the bank opened in Reno and Henderson in late 2012,” Arvind Menon, president and CEO of Meadows Bank, said in a earnings report released Tuesday.

The Las Vegas-based community bank also posted modest loan and deposit growth in the first six months of 2013, compared with the same period last year.

As of June 30, the bank’s loan portfolio stood at $257.7 million, up $41.3 million from last year. Total deposits year-over-year increased by $23.6 million to $245.8 million, while total assets were $300 million at the end of the second quarter, according to the privately held bank.

“Loan demand has increased incrementally as the economies of both Northern and Southern Nevada have continued to improve in the first half of the year and we expect the trend to continue in the latter half of the year,” Menon said.

Meadows Bank operates four branches in Las Vegas, Pahrump, Henderson and Reno.

“I am happy to also announce that we opened an SBA loan production office in San Antonio, Texas, in July,” Menon said.

The new office in Texas brings to five the number of loan production facilities operated by Meadows Bank. The loan production offices are located in Salt Lake City, Sacramento, Phoenix, Denver, and San Antonio.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.