Meadows Bank reports increase in net income

Meadows Bank on Monday released its operating results through the third quarter of 2016.

Highlights of the report from Las Vegas-headquartered bank include:

— Net income of $6.49 million in the first nine months of 2016 up 10 percent from $5.88 million during the same period in 2015.

— Total loans increasing by 20 percent or $95.3 million from Dec. 31 to $561.4 million at Sept. 30.

— Total deposits of $554.2 million at Sept. 30, which was 21 percent higher than prior year end.

— Total assets of $650.4 million at Sept. 30.

“Net income growth in 2016 was primarily due to an increase in interest earned on loans offset by the additional overhead expenses related to payroll and marketing expenses incurred in opening two new branches,” William Bullard, chairman of the bank, said in a statement.

“While the loan portfolio continues to perform well, our 2016 operating results were also impacted by additional loan loss provision expense due to the growth in the loan portfolio,” he also said.

Separately, Meadows Bank also announced that it opened its second branch in Reno on Oct. 6, making it the only Nevada-chartered community bank with a branch in downtown Reno. Earlier this year, the bank opened its first branch in Phoenix.