Meadows Bank reports total assets top $500 million
Las Vegas-based Meadows Bank on Tuesday reported that its total assets topped $500 million for the first time in its seven-year history at the end of the third quarter on Sept. 30.
Total assets were $531.9 million because of growth in the bank’s loan and deposit portfolios.
The bank recorded net income of nearly $5.9 million for the first nine months of 2015, up 35 percent from the net income of $4.35 million for the same nine-month period in 2014.
“The jump in net income in 2015 is a direct result of a 22 percent growth in the bank’s net interest income driven by a significant increase in the bank’s loan portfolio,” Arvind Menon, Meadows Bank president and CEO, said in a statement.
At Sept. 30, the bank’s loan portfolio balance was $451.5 million, a 25 percent growth or $90.5 million more than the total at Sept. 30, 2014.
As of Sept. 30, 2015, total deposits stood at $ 461.6 million, $38.6 million over the Sept. 30, 2014, total.
Meadows Bank is a full-service community bank with branches in Pahrump, Reno, and Henderson.