Meadows Bank releases second quarter earnings report
August 9, 2017
Las Vegas, NV, August 9, 2017 – Meadows Bank, headquartered in Las Vegas with a branch in Reno, posted Net Income After Tax of $5,625,000 in the first half of 2017 which was 41% higher than the $4,003,000 it earned during the same period in 2016. "The increase in our bottom line was due to Net interest income in the first half of 2017 growing by 15% or $2,200,000 over the same period the prior year", said Arvind Menon, President & CEO of the bank.
At June 30, the bank had Total Loans of $610.2 million which represented a 14% growth or $76.2 million over loans outstanding at June 30, 2016. Meanwhile, Total Deposits grew by $84 million from 6/30/16 to $613.1 million at June 30, 2017. Also, as of June 30, 2017, Total Assets grew to $727.4 million while Total Equity Capital grew to $76.2 million.
Separately, Meadows Bank announced that in the second quarter it opened a new SBA Loan Production Office in Vancouver, Washington. "The Pacific Northwest has a vibrant economy and we hope to participate in this dynamic market by providing SBA 7(a) and 504 loans to the many businesses in the area" said Menon.