Meadows Bank releases fourth quarter earnings report
February 1, 2017
Meadows Bank, headquartered in Las Vegas with locations in Reno, announced its' total assets grew by 24 percent from the prior year end to $656.5 million at Dec. 31, 2016. In 2016, the bank's loan portfolio also grew by 24 percent or $109 million to $574.9 million while deposits grew to $547.6 million as of Dec. 31, 2016.
In 2016, the Bank's Net Income after Tax grew 7 percent to $8.9 million versus $8.4 million reported in the prior year. Net Income growth in 2016 resulted primarily from an increase of $5.6 million in Net Interest Income offset by a $627,000 decrease in Non Interest Income and $4.5 million in higher Operating Expenses, loan loss provision and income taxes.
"In 2016 we continued to experience strong demand for conventional and SBA loans in Nevada and other markets we operate in, indicating that the national and local economies are continuing to improve and expand" said Arvind Menon, President & CEO of the bank in a press release. "Our operational results in 2016 were also impacted by the opening of two new branches with the Phoenix branch coming online in January and our second Reno branch in October." continued Arvind Menon.