Meadows Bank, headquartered in Las Vegas, Nevada, released its operating results through the third quarter of 2016 including the following highlights:
• Net Income of $6,490,000 in the first nine months of 2016 up 10% from $5,882,000 during the same period in 2015
• Total Loans increased by 20% or $95.3 million from December 31, 2015 to $561.4 million at September 30, 2016
• Total Deposits of $554.2 million at 9/30/16 which was 21% higher than prior year end
• Total Assets of $650.4 million at September 30, 2016
“Net Income growth in 2016 was primarily due to an increase in interest earned on loans offset by the additional overhead expenses related to payroll and marketing expenses incurred in opening two new branches” said William Bullard, Chairman of the bank in a press release. “While the loan portfolio continues to perform well, our 2016 operating results were also impacted by additional loan loss provision expense due to the growth in the loan portfolio” added Bullard.
Separately, Meadows Bank also announced that it opened its second branch in Reno on October 6, 2016 making it the only Nevada chartered community bank with a branch in downtown Reno. Earlier this year, the Bank opened its first branch in Phoenix, Arizona.
