NEWS BRIEF: Meadows Bank releases year-end report
Meadows Bank reported its Net Income after Tax grew 34 percent to $11.9 million versus $8.9 million reported in 2017. The growth resulted from an increase of $5.9 million in net interest income offset by $2.8 million in higher operating expenses, and income taxes.
As of Dec. 31, total assets grew by 20 percent to $791 million from $656.5 million from the prior year.
The bank’s loan portfolio also grew by 18 percent, or or $107 million from $574.9 million to $682.1 million, while deposits grew to $680 million as of Dec. 31, 2017, from $547.6 million at prior year.
The 2018 Summit Award was given for the company’s work on the construction of the Bently Heritage Estate Distillery in Minden.