Meadows Bank sees quarterly, annual income rise
Meadows Bank continued to benefit financially from its participation in federal loan programs, as the Las Vegas-based bank posted earnings in the black for both the fourth quarter and for 2011.
The community bank reported Wednesday fourth-quarter net income of $679,00 compared with $487,000 for the same period last year. The bank said if a tax benefit of $765,000 was included in the figures, net income for the fourth quarter of 2010 would have been $1.25 million.
For 2011, Meadows Bank reported net income of $2.52 million, compared with $332,000 last year. As of Dec. 31, Meadows Bank had assets of $237.2 million, a $30.2 million increase from 2010.
Meadows Bank's loan portfolio was $181 million, up $34 million last year, while total deposits grew by $20.6 million, to $187.6 million.
Meadows Bank, which operates a branch in Las Vegas, is also an SBA 7a lender in Nevada. The bank operates five loan production offices in Salt Lake City, Phoenix, Denver, San Diego and Sacramento, Calif.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
