Meadows Bank opened a new branch at 50 W. Liberty St. in downtown Reno in 2016.
Courtesy Photo
Meadows Bank announced May 6 it posted After Tax Net Income of $5,824,534 in the first three months of 2021, which was 56.5% higher than the $ 3,721,686 earned during the same period in 2020.
The increase was a result of a substantial decrease in interest expense, as well as lower loan loss provision expense as local economic conditions improved during the first quarter, according to a May 6 press release from the bank.
As of March 31, 2021, the bank had Total Loans of $976.9 million, a 20% growth on the $813.1 million Total Loans outstanding on March 31, 2020, and Total Deposits were up $286.7 million from March 31, 2020, to a little over $1 billion at March 31, 2021.
In addition, Total Assets grew 31% to $1.2 billion and Total Equity Capital grew 9% to $133.4 million.
“I am pleased to announce that with the tremendous growth of the bank’s deposits, assets and total equity over the past 13 years, the Meadows Bank Board and executive team made the decision to distribute a $2.00 per share dividend to our shareholders,” Arvind Menon, president and CEO, said in a statement. “Our shareholders have shown true loyalty since we opened our doors in 2008 and have allowed the bank to grow and prosper over the years.
"We look forward to continuing to serve our clients, our shareholders and our communities.”
Meadows Bank launched in 2008 in Las Vegas and has two locations in Reno: its main Northern Nevada headquarters at 6518 South McCarran Blvd., which opened in 2021; and the downtown branch that opened in 2016 at 50 W. Liberty St.
