Las Vegas-based Meadows Bank on Thursday announced that it posted net income after tax of slightly more than $4 million in the first half of 2016, 12 percent higher than the $3.58 million it earned during the same period in 2015.
“The increase in our net income in the first half of 2016 was primarily due to a 24 percent increase in net interest income over the same period in 2015 due to a significant increase in loans outstanding,” Arvind Menon, president and CEO, said in a statement.
On June 30, 2016 the bank had total loans of $532.2 million which represented a growth of $114 million over June 30, 2015 and $66.1 million over December 31.
Total deposits grew by $116.9 million and $71.7 million from June 30, 2015, and Dec. 31, 2015, respectively, to $529.1 million as of June 30.
Also, as of June 30, total assets stood at $612.6 million while total equity capital grew to $69.5 million.
Meadows Bank is a full-service community bank with has branches in Pahrump, Henderson and Reno, and Phoenix. It has loan production offices in Salt Lake City, Phoenix, Denver, Dallas and Sacramento, Calif.